Wondering which deadly legal mistakes in Glendale you should avoid when selling a home? Selling a home is a major financial transaction, and there are a number of legal issues that can arise during the process.
If you don’t handle these issues correctly, they can become major legal problems. For this reason, it’s important to educate yourself on what to look out for.
In this post, our realtors at Your Home Sold Guaranteed Realty AZ will discuss a few common legal mistakes that can negatively affect your home sale.
Not Reviewing Your Listing Agreement
Before you agree to work with a realtor, thoroughly read their listing agreement. You should ensure the agreement has specific language on what to do in case of particular legal issues.
It’s common for many realtors to use standard forms that have vague or unclear language and just assume they cover all potential situations.
If you want the best chance at protecting yourself, make sure the listing agreement terms use specific language. For example, the listing agreement should cover legal situations like:
- Are you liable to pay a brokerage commission even if a sale doesn’t occur?
- What happens to the sale if a home inspector finds termites, asbestos, radon, or lead-based paint?
- What happens to the down payment in the event the sale falls through?
- Will a lawyer be responsible for holding the down payment in escrow?
- How will the buyer make the final payment?
- Is the buyer required to secure financing from a lender before moving forward with the purchase?
Misrepresenting the Property
Lying to home buyers about the quality or location of your property can have serious legal consequences. For example, exaggerating the property’s features in the listing description or using fake or misleading photos.
In addition, failing to disclose any defects or damages to the property can come with harsh penalties.
In some cases, the buyer may decide to cancel the transaction entirely. But if they decide to move forward, they can make you pay for the repairs or file a lawsuit against you and your realtor.
This is one reason why getting a pre-inspection before listing your home for sale is essential.
Not Getting Everything in Writing
Lastly, it’s crucial to get everything in writing throughout the entire transaction. Your realtor should document every interaction you have with potential buyers– not just negotiations.
A written paper trail can serve as evidence in case of a dispute or legal action.
Getting everything in writing is especially important when it comes time to write the purchase agreement. This way, all parties can have a clear understanding of the terms and conditions of the agreement.
If you want to learn more deadly legal mistakes in Glendale to avoid, you can find more advice in our full guide on How to Avoid Costly Legal Mistakes.
You can download this guide for free by clicking on the button below.
Avoid Deadly Legal Mistakes in Glendale With Our Realtors
If you want to sell a home in Glendale fast and for top dollar, contact Your Home Sold Guaranteed Realty AZ today. We’ve served home sellers in the area for years and have gained a reputation for our legendary selling speed.
We have hundreds of five-star reviews from clients who appreciate our dedication to high-quality customer service and unique seller guarantees.
This includes our Guaranteed Sale Program, which ensures your home will sell within your time frame. If a buyer does not purchase it, we’ll buy it ourselves.
To learn more about working with our team, give us a call at 623-283-2067. You can also fill out the form below.