3 Important Things From a Lawyer's Perspective You Need to Know Before Selling Your Home

Before selling your property, you should ask yourself several important questions. As a legal advisor, I regularly support real estate sales. That's why I know how important careful preparation and legal advice is when selling real estate to minimize potential risks. In this article, I will highlight three crucial points that you absolutely need to consider when selling a house.

1) Compliance with disclosure obligations

When selling a property, it is essential to be aware of the disclosure requirements. Although warranty disclaimers are common, sellers should keep in mind that disclaimers for bad faith and warranted properties are not possible. This means that sellers are obliged to disclose relevant information that could affect the subject of the buyer's contract and the buyer is entitled to expect according to common opinion. A failure to comply with this information obligation may make you liable for damages as a seller. It is therefore important to disclose all relevant information transparently and honestly before legalizing the purchase contract in order to minimize legal risks and avoid subsequent disputes with the buyer. If you are unsure which issues require clarification when selling a property and which do not, ask a real estate attorney.

2) Verification of the seriousness and solvency of the buyer

For the success of the real estate sale, it is crucial that once the notarized real estate purchase contract has been concluded and the purchase price has become due, the buyer also pays the agreed purchase price for the property on time. real estate. As a general rule, the buyer also assumes the contractual obligation to pay notary fees. However, if the buyer does not comply with this payment obligation, you, as the seller, may also be asked by the notary to pay the notarial invoice. Therefore, you should only sell your property to a serious potential buyer and carefully check their creditworthiness before concluding the notarial contract. For example, get a credit report. Also have bank confirmations presented as proof of financing and be sure to verify their authenticity. Consider whether you should ask the buyer to pay notary fees or provide appropriate security before concluding the notarial contract.

3) Inclusion of withdrawal clauses in the purchase contract

It's even worse if your buyer doesn't pay the agreed purchase price despite the due date. In some cases, buyers simply disappear and are no longer available to the seller. If the real estate purchase contract then has to be canceled, inexperienced sellers often face big problems, because as long as the buyer is registered with his purchase notice in the land register, the property is, so to speak, blocked for a new sale to another buyer. In practice, this often means that you must assert your right to have the transfer notice removed in court. This costs a lot of time and money. But this does not have to be the case, as this case must be taken into account before the purchase contract is notarized and appropriate clauses must be included for a smooth cancellation of the purchase contract. Unfortunately, most notaries do not have the important clauses included in the contract as standard. Sellers must therefore seek advice from a lawyer specializing in real estate law when drafting the purchase contract. A standard review of the property purchase contract only costs a flat rate of €299. More information can be found here. I will be happy to advise you and refer you to my many positive reviews from satisfied customers.

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