Things To Remember About Residential Real Estate Transactions

On Behalf of | Jul 29, 2019 | Residential Real Estate |

There is no three day right of recision for real estate sales. If you are not sure about whether you want to sell a house, don’t list it until you are sure. If you are not sure whether you want to buy a house, don’t waste the time of a real estate agent. If you want to look at houses, that’s fine, but keep in mind that most real estate agents only make money when they sell real estate, so be respectful of the real estate agent’s time.

Make sure you understand the real estate sales agreement before you sign it. If you are not sure you understand, ask your real estate agent. If your real estate agent is either not knowledgeable or is uncomfortable explaining the details, hire an attorney. A good real estate attorney will explain all the details to you. Once you sign a real estate agreement, make sure that you understand all of the time deadlines involved, whether you are a buyer or a seller. The time deadlines contained in the real estate sales agreement are important. If you fail to comply with them, you may find yourself either in breach or forced to continue with the transaction in a way that you are not comfortable.

If you feel that you need to terminate the agreement for any reason, contact an attorney as soon as possible. Real estate agents are used to putting deals together. They do not normally take them apart. A good real estate attorney can explain your rights and responsibilities and if you need to get out of a contract, what your financial and legal exposure may be.

If you are a seller, make sure that every little flaw of your property is disclosed in writing. If a buyer understands a problem before they sign or is told about the problem within enough time to examine it, it is very possible they will conclude on their own that it is not a serious issue for them. On the other hand, if they find out after the “point of no return” is crossed, they may suspect that the one problem you didn’t disclose is either one of many, or more of a problem than you believe. This can lead to more serious issues.

If you are a buyer, make sure you review the seller disclosure statement before you sign. If you have questions about problems, get them out on the table. If a seller tells you something which seems to allay any fears, make sure that you get that representation in writing. If the buyer refuses to put in writing, that may or may not be a red flag, but it is certainly a question you want to ask in more detail.