Buying and selling a property is probably an exciting yet daunting task you’ll ever do in life. As much as the real estate market is lucrative, there are also some risks associated with it. So, whether you’re buying a house or selling it, meticulous planning & research is required. And for making the transactions smooth, it is better to be aware of real estate legalities.
In this blog post, we will explore some of the key considerations when buying or selling a house.
Contractual Agreements
Whether you are a buyer or a seller, a contractual agreement is essential as it binds both the involved parties. This contract consists of terms & conditions such as purchase price, contingencies and closing dates which should be clearly outlined. Hence, before initiating the transaction the parties must properly review and understand the policies.
Real Estate Taxes
Real estate taxes are subject matter to change and can be complex. As a buyer, seller or investor one must have a general overview of the taxes i.e. stamp duty, land tax, capital gains tax, first homeowners grant etc. Therefore, you must be ready to pay these taxes by recognizing your situation.
Organize Home Inspections
A home inspection truly helps to uncover the potential problems in the property. The issues may include structural problems, leakages and damages. And when it comes to conducting home inspections the buyer has the right. Thus, home inspections are a great way to prevent future legal disputes.
After Closing Obligations
When the transactions are complete, there still are some legal obligations to wrap up. Talking to the buyers, they must confirm that the property is legally registered. Whereas sellers must ensure that title is properly transferred, as well as address the taxes and mortgage payments.
Remember that these are only a few of the real estate legalities. However, the policies may vary on the location and type of property you’re aiming to purchase or sell.
But if you’re a first-time buyer/ seller it is better to consult with a qualified legal advisor or an expert!
