When involved in any type of residential real estate transaction, it is critical to know how to protect your rights and interests from start to finish. As the seller, there are ways that you can shield yourself from problems and avoid issues that could delay closing or cause a buyer to walk away from the deal.
By law, sellers must disclose certain information about the property to the potential buyer. Failure to do this could lead to problems, and you would be wise to take whatever steps are necessary to ensure that you avoid unnecessary legal and financial risks throughout the real estate transaction process.
Your obligations as the seller
Essentially, your obligation as the seller is to disclose problems of which you are aware. Buyers have the right to know if there are issues present that could affect the value of the property, and it is actually illegal to withhold information about defects. This means that you could face serious repercussions for failure to disclose certain information. As the seller, it is practical to take the following steps:
- Fully disclose all problems that you know about.
- Consider an inspection of your property to ensure that you do not overlook something important in your disclosure to the buyer.
- Make sure that you follow laws related to lead paint if your house was built before 1972.
If there are problems with your property that you disclose to the buyer, you are under no obligation to repair those issues. However, failure to do so could affect the value of your house, the appraisal, the buyers’ willingness to complete the deal and more. When selling a house, you may find it beneficial to carefully weigh the benefits of repairs against the cost.
How you can avoid problems
Selling a residential property in New York is a complex legal process. From the moment you decide to put your house on the market, it could be helpful to seek guidance regarding your options, rights and the most cost-effective way to protect your interests.
From the disclosure you give to the buyer to negotiating a sale price, avoiding problems is crucial. This is a significant financial and legal transaction, and you cannot afford to take any unnecessary risks. With the right help by your side, you can ensure that the transfer of property is smooth and that there are no procedural problems that may delay closing and keep you from your profits.