Friday, 16 November 2012

Selling a House: Do I Need a Contract?

There are many people who want to sell a house and are in the enviable position of not having to list it as they have a friend, relative, co-worker or new acquaintance who wants to buy it. They just need to close the deal themselves and are clueless regarding what happens next after finding a buyer. Finding a buyer is the first of many steps in the process of getting a house sold.
The most important thing home owners need to know is that the sale of their house is different from the sale of anything else they own. The legal term is “real estate property” and the laws differ somewhat from state to state with specific legal terms that cover the sale of real estate property. For one thing, it must be in writing. It may start out as a verbal agreement, but it must turn into a written agreement in order to be considered legal.
Real estate forms used by brokers and lawyers include all the elements necessary when selling a home in any local area. State laws and municipal laws, if any, are incorporated into these forms.
One should never attempt to write a legal contract for the sale of the house by oneself as it is a very unwise thing to do. One can leave something out or can make a mistake that can cost a lot of money. The best way out is to have a form drafted by one’s lawyer or a real estate broker that can be photocopied and carried anywhere.
They have the forms and the knowledge to make sure it’s done correctly. One will probably have to pay them for this service, but it will be worth the money as one can make sure the process of selling a house or property is legally correct.


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