Being on either side of a real estate transaction can be both exciting and stressful. For the seller and the buyer alike, being careful with all the considerations involved can be the difference between a clean purchase and a longtime legal battle. Here are a few of the legal aspects of a sale that sellers should be particularly mindful of:
- Property disclosure laws: it is important that all sellers be mindful of state laws regarding information that must be shared with the buyer, such as known defects and history of damage from natural disasters. Disclosing all necessary information can prevent a lawsuit and/or penalties in the future.
- Contracts: the contractual agreements between buyer and seller or at the center of any real estate transaction. It is therefore important that all relevant details such as the price, closing date, and contingencies be clearly stated in the contract. Contracts must also be compliant with laws, both locally and at the state level.
- Titling: the property title must not have any liens against it or any other legal matters to change hands, so a title search performed by an attorney is critical.
In addition to the above, home sellers should get legal support to finalize closing documents, like the deed and closing statement. Transfer taxes and fees are another area where a Texas attorney can provide information and ensure everything goes smoothly. While selling a home can be an exciting thing that moves a family closer to their next adventure, the legal considerations are certainly something to be mindful of.
