If you plan on purchasing or selling a property in the near future and are concerned about the legal aspects of purchasing or selling a property, continue reading to discover a guide to legally purchasing or selling property. You may want to check out Conveyancing Parramatta for additional help as well.
Legal aspects to consider when buying and selling property:
1. If you’re selling a property make sure that you disclose any issues that you may be aware of
Did you know that it’s against the law to sell a property without informing any potential owners of any issues which you home may have, which they may need to repair and which may affect the property value of your property. As an example, it’s illegal to sell a property that has structural issues or plumbing issues.
So when your lawyer and your real estate agent create a contract for the sale of your property, make sure that they include any issues with your home in your contract so that a potential buyer, will be made well aware of the condition of your home, before they sign on the dotted line and commit to purchasing your property.
2. If you’re purchasing a property, make sure to properly read through your purchasing agreement
If you’re about to purchase a property, make sure to read through each clause in your purchasing agreement, before you sign your name on the dotted line. As you won’t be able to sue the previous owner of a property you’ve purchased for selling you a damaged property, if they disclosed any major damage to the property concerned, in your purchasing agreement.
3. If you plan to sell a property, make sure that you have all the necessary documents to legally sell your home
In order to legally sell your home you’ll need to have your property’s title deed on hand or your mortgage agreement. You’ll also need to find your latest real estate tax bill, to present to your lawyer.
If your property is part of a condominium complex, you’ll also need to to provide your condominium documents. While if your property is part of a community which offers a homeowners association, you’ll also need to provide your current homeowners association rule book and fee schedule.
4. You need to contact an estate agent if you plan to buy or sell a home
It’s mandatory to have a qualified lawyer handle any legal documentation related to purchasing or selling your home. As an added bonus, your lawyer will be able to help you adhere to federal and state property laws.
5. All legal offers to purchase a home have to be written down
If you verbally offer to purchase a home, the seller of the property in question, still has the legal right to refuse to your offer, down the track, even if they verbally agreed to accept your verbal offer. What information should be contained in an offer to purchase a home?
A legal offer to purchase a home, should contain the purchase price, the down payment amount, the closing date and the possession date as well as any items such as appliances or furniture that may be involved in the deal.
Hopefully you now have a clearer understanding of some of the legal aspects that you’ll need to navigate when it comes to buying or selling a home.
