| There's more to selling a home than putting up a "For | | | | with your potential buyer valid? Are there any hidden |
| Sale" sign and waiting for people to make offers. If | | | | clauses that may come back to haunt you later? |
| want to sell your home, you need to be aware of the | | | | Know what your sale contract says and means |
| many local and state laws and various regulations | | | | before it is signed. |
| attached to selling property. You have be | | | | Zoning and Local Ordinance Laws - The sale of your |
| knowledgeable about real estate contracts and know | | | | home may be subject to various zoning laws and |
| every step involved with regards to inspection, financial | | | | ordinances in your area. For example, a buyer may |
| considerations, and legal paperwork. | | | | want your house for a home-based business or for |
| For a real estate contract between two parties to be | | | | charity purposes, but the laws in your town may not |
| legal, for example, it must have the following elements: | | | | permit that. Research what regulations are applicable |
| 1) At least TWO parties of sound mind in agreement | | | | to your property before you sell. |
| of the contract - the buyer and the seller | | | | Occupancy Laws - Is your home subject to |
| 2) Legal identification to verify legal signatures on all | | | | occupancy laws? Can you legally sell your house to |
| paperwork | | | | more than one family unit? Before you put your house |
| 3) The correct address of the property for sale | | | | up for sale, make sure you research any occupancy |
| 4) All agreements with regards to the sale and | | | | limits and restrictions. |
| promises of payment made in writing and signed | | | | Building Code Laws - Is your home "up to code"? In |
| 5) Unqualified understanding between the buyer and | | | | other words, is the house compliant to all safety and |
| seller so each is aware of payment schedules and | | | | health codes? Have any repairs and remodeling work |
| other considerations | | | | been done to the house, and if so were they done |
| Coming to an understanding with a potential home | | | | with the required materials? It is not legal to sell an |
| buyer is one thing. When you consider going the For | | | | unsafe home, so make sure any construction done |
| Sale By Owner route, you also need to be aware of | | | | before the sale is completed safely and correctly. |
| the many laws attached to selling a house. Local and | | | | Environmental Rules and Regulations - Is there anything |
| county laws may vary according to where you live, | | | | in your home that poses a potential environmental |
| but there are at least twelve worth researching before | | | | hazard? Is the construction of your home sound and |
| you put up your sign: | | | | free of asbestos and other harmful elements? Make |
| Seller Disclosure Laws - By law, you are required to | | | | sure you know what is considered toxic in your area, |
| inform any potential buyers of damage or other | | | | and that it's not in your home! |
| problems with the home that may impact its value in | | | | Stigmatized Property Laws - Was your home the |
| the future. If the house will be in need of a new roof in | | | | scene of a murder or other disastrous crime? Is your |
| a year, or if there are cracks in the foundation that | | | | home a local legend in that people believe it's haunted |
| need repair, you are obliged to let buyers know. | | | | or cursed? It may sound amusing, but sometimes it |
| Lead Base Paint Disclosure - Similar to the Seller | | | | can be difficult to sell property that has been |
| Disclosure, if lead-based paint has been used in your | | | | "stigmatized" by gossip and legend. If your house has |
| home, you are required to inform all potential buyers of | | | | such a legacy, it is best to research any disclosure |
| this. | | | | laws that apply to the sale. If somebody was |
| Federal Fair Housing Laws - In accordance with Title | | | | murdered in your home, for example, you may have to |
| VIII of the Civil Rights Act, it is illegal to discriminate | | | | disclose that to a buyer. |
| against a potential home buyer based upon race or | | | | Governmental Rights and Real Property Laws - Each |
| color, gender, creed, nationality or handicap. These | | | | state has its own laws with regards to the definition of |
| laws prevent refusal of a sale or price adjustment of | | | | "real property." It is suggested all potential sellers know |
| a home based upon these factors. | | | | how their states interpret what is real property as |
| State and Local Housing Laws - Your particular region | | | | opposed to "personal property." This may affect |
| may have specific laws relating to the sale of homes | | | | certain appliances in the house to convey with the sale, |
| in the area. It is highly recommend to research any | | | | or property lines. Governmental rights laws may be put |
| possible regulations that may affect your ability to sell | | | | into effect if the government is interested in acquiring |
| on your own. | | | | property for various purposes (i.e. you own a parcel of |
| Advertising and Marketing Laws - If you plan to take | | | | land where an interstate is to be built). Read up on |
| on the advertising of your home sale by yourself, you | | | | these laws before you sell. |
| may need to be aware of certain regulations | | | | Selling a home can be a daunting process, made all the |
| applicable to your area. If you are placing a newspaper | | | | more difficult if you are not aware of the many laws in |
| or magazine ad, you may be required to disclose | | | | your area that bind you to certain obligations. So |
| specific information about your home. Do your | | | | before you hang that sign, make certain you are |
| homework! | | | | knowledgeable about the implications behind it. Having |
| Real Estate Contract Law - Is the contract you have | | | | the law on your side will make for a smoother sell. |