Selling your home can be a daunting task. It’s one of the most significant decisions you’ll ever make in your life, and it’s important to know what you’re getting into before you start the process. That’s why we’ve put together this list of essential laws you need to know before selling your home. By understanding these laws, you’ll be able to streamline the process and make sure that everything goes as smoothly as possible.
Statute of Limitations
The statute of limitations is when you can be sued for a particular act. For example, in selling your home, the statute of limitations comes into play if you’re accused of not disclosing certain information about the property. For example, if you fail to disclose that the property has significant foundation damage, the buyer could sue you for misrepresentation.
Sometimes the act of not disclosing information can be done out of ignorance. For example, you may not be aware of any potential issues by not hiring a conveyancing service to inspect the property and make the necessary documents. You should visit your local law firm and hire a conveyancer if you want to avoid this from happening. They can ensure that the documents you represent are accurate. Moreover, it keeps you away from the unlawful act of misrepresentation.
In most states, the statute of limitations for misrepresentation is two years. It means that the buyer has two years from the date of purchase to file a lawsuit against you. However, it’s important to note that this period can vary from state to state, so it’s always best to consult an attorney before selling your home.
Liens
A lien is a legal claim on your property that allows creditors to collect money that you owe them. If you have a lien on your property, the creditor has the right to take possession of your property if you don’t pay what you owe. The government can place liens on your property for various reasons, including unpaid taxes, judgments against you in court, and unpaid contractor bills.
If you have a lien on your property, it’s essential to resolve it before selling it. If you don’t, the lien will likely transfer to the new owner, and they’ll be responsible for paying it off. This can scuttle a sale, so it’s best to take care of any liens before putting your home on the market.
You can check for liens on your property by contacting your county clerk’s office or doing a title search. Once you’ve found any liens, you’ll need to take care of them before proceeding with the sale.
Selling a Home Without a License
In most states, selling real estate without a license is illegal. If caught doing so, you could face fines, jail time, and other penalties. The only exception to this rule is if you’re selling your own home. In that case, you don’t need a license if you don’t use professional help, such as hiring a real estate agent.
If you’re considering selling your home without a license, you should first consult with an attorney. They can advise you on the risks and help you make sure that you comply with the law.
Lead-Based Paint Disclosures
If your home was built before 1978, it might have been built with the use of lead-based paint. Lead-based paint is a health hazard, and it’s crucial to disclose its presence to potential buyers. If you fail to do so, you could be sued by the buyer.
The good news is that there are several ways to test lead-based paint. You can buy a kit at your local hardware store or hire a professional to do the testing for you. Once you know if there’s lead-based paint in your home, you can take the necessary steps to remove it or disclose its presence to potential buyers.
Easements
An easement is a legal right to use someone else’s property for a specific purpose. For example, you might have an easement to park in your neighbor’s driveway.
Easements can complicate the sale of your home because they limit what the new owner can do with the property. For example, if an easement allows your neighbor to park in your driveway, the new owner would have to honor that agreement. Therefore, if you’re selling your home and there are easements on the property, you should disclose them to potential buyers.
You should consult with an attorney if you have any questions about easements or other legal issues related to selling your home. They can help you navigate the legal complexities of selling a home and ensure you comply with the law.
Selling a home can be daunting, but knowing and understanding the essential laws that apply to the process can make it go more smoothly. It can also help you avoid certain legal complications such as misrepresentation.
