Thursday, January 21, 2021 / by Tom Pileggi
When you're buying or selling a home, there are many small but important legal issues that you may be unaware of that are, nevertheless, critical to understand. Residential real estate is not an uncomplicated process. When such a major investment is transferred from one party to another, there are subtle details to take care of that can turn into major problems if not handled correctly.
It is essential to understand the legal ins and outs that will properly protect you when you buy or sell a home. There are several issues that will certainly cost you if you are not properly informed. In a recent situation right here in the area, misinformation cost one local homeseller over three thousand dollars in the sale of their home. Don't let this happen to you.
In this report, we identify 3 of the most common of these issues. Because there are many legal issues to consider, your first step is to consider choosing reputable and experienced professionals to represent your interests. When selecting your real estate agent, ensure you find someone who has extensive experience with the process. They should also refer you to a local real estate lawyer who can ensure your interests are protected.
3 Legal Issues That Could Cost You Thousands
Homebuyers have the right to have a survey clause added to the real estate contract on the home they wish to purchase. When this home is yours, you should be aware of the implications of this clause.
Evaluate each agent’s responses to these 10 questions carefully and objectively. Who will do the best job for you? These questions will help you decide.
Your current survey may no longer be up-to-date if you have had a swimming pool built, or an addition added, since the survey was drawn up. If your survey is not up-to-date by these standards, the buyer may request an updated survey. The homeseller may be required to bear the cost to have a new survey prepared. The cost for this process typically runs anywhere from $700 to $1,000. This is $700-$1,000 less that you will net for your home.
An experienced real estate agent should provide you with a survey and it is up to the buyer to decide if the survey is acceptable.
Your agent should be able to advise you appropriately when dealing with this issue, but if you or your agents are unsure, you have the right to consult your lawyer before you sign the offer. Don’t be afraid to take this important step, as thousands of dollars could be riding on the decisions you make at this point.
So here is 1 out of the 3 in an effort to draw attention to this very important topic. If you would like to see all 3, I have put together a free report entitled
"Legal Mistakes to Avoid When Buying or Selling a Home" which explains the issues in greater detail.
To order a FREE Special Report, visit https://www.pileggirealestateteam.com or to hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-844-707-8053 and enter 1007. You can call any time, 24 hours a day, 7 days a week. You can also text me at 416-917-6566
Receive your free special report NOW to find out what you need to know to make your move-up to a larger home worry-free and without complication.
Thank you for reading this week’s blog and Go Serve Big!!!
Tom Pileggi, Broker
Pileggi Real Estate Team
Your Home Sold Guaranteed or We’ll Buy It* - If you or anyone you know are considering making a move, feel free to give me a call or pass on my number! 416-917-6566.