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FREE REPORT: Legal Mistakes To Avoid When Buying Or Selling A Home
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"When such a major investment is transferred from one
party to another, even the subtle legal details need to be taken care of. If not
they can turn into major problems if handled incorrectly."When you're buying or selling a home, there are many important legal
issues, large and small, that you should be aware of. To begin with, residential
real estate is not an uncomplicated process. When such a major investment is
transferred from one party to another, even the subtle legal details need to be
taken care of. If not they can turn into major problems if not handled
correctly. It is essential to be as informed as possible in order to properly protect
yourself in the process of buying or selling a home. There are several issues
that will certainly cost you if you are not properly informed. 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 that 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
Following are 3 common examples of legal clauses that can work to your
disadvantage if not worded correctly:
1. Survey Clause
Home buyers have the right to add a survey clause 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. 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 home seller 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
agent 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.
2. Home Inspection Clause
Some real estate transactions have fallen through because of the wording of
the inspection clause. This clause previously stated that the buyer has the
right to rescind their offer if they were dissatisfied with the outcome of a
home inspection. In some cases, this was used unfairly against the seller when a
minor repair issue would give the buyer a legal loophole to their change of heart.
Meanwhile, the seller lost both time and money because of this technicality.
First, they may have declined other offers (offers which may now be lost
for-ever) in favor of the one which has now fallen through, and missed the
opportunity for other offers which might have come through during the current
negotiations. Secondly, their home may have been unfairly labeled as a
"problem house" which could cost them in terms of the dollar amount of
subsequent offers. And thirdly, they then found themselves back on the market,
incurring the inconvenience and additional carrying costs of having to market
their property for a longer period of time. This clause should read that the seller has the option to fix any items that
the home inspection flags. This wording protects both the buyer and the seller.
The buyer is assured that the home they are buying meets objective structural
standards, and the seller is protected against the whim of a buyer who changes
his/her mind. Not all contracts will be written in this way. Make sure you are working with
a lawyer experienced in real estate matters to ensure your interests are
protected.
3. Swimming Pool Clause
If the home you are buying or selling has a swimming pool, there should be a
specific legal clause which addresses this costly item. Some contracts are
written to provide a warranty to the pool to survive closing. The broadness of
this wording protects buyers, but is not necessarily in the best interest of
sellers who might instead request that the clause be worded to indicate that, at
the time of closing, they believe the pool to be in good working condition. The existence of a pool in any home negotiation is certainly reason enough to
ensure that you seek advice from a real estate professional and obtain legal
counsel so that your interests are represented properly. By being aware of these and other legal issues, and by seeking advice from
an experienced real estate professional and obtaining legal counsel, you can
protect yourself against unnecessary cost and potential hardship.
I could genuinely trust them with this very important purchase in the next chapter of our lives.
My Name is George and my wife Linda and I first heard about Mario Sconza and Partners through a referral from my oldest sibling. I chose to work with this company as I knew all of the extra work they have done for communities in need as well as the fact that I could genuinely trust them with this very important purchase in the next chapter of our lives. My wife and I were very concerned about not being able to find our dream home in the current housing market and we're just about to give up on our hopes when we decided to give Sconza and Partners a call. Domenic, who was our realtor was very patient with us and showed that he genuinely cared as he guided us through our home search. We found that he was very attentive in taking notes of what things were must haves vs nice to haves and he would always take learnings from each home that was viewed. All in all we found our dream home in just 3 weeks and couldn't be happier with the results. We owe our thanks to Domenic and Mario Sconza and Partners for their fantastic work efforts to find us a home in such a quick time-frame.
We were so pleased with the efforts that we decided to use Domenic to list our condo rental property for lease. Within just one week we found great tenants to occupy and rent out our condo. Thank you to Mario Sconza and Partners for providing an exceptional customer experience for our home purchase and condo rental. Special thanks again to Domenic who was our realtor and the face of the company. I highly recommend this realtor for anything you may need.
George Coronacis
I would strongly recommend this company to anyone needing assistance with buying or selling a property.
During a time when the market was extremely competitive, Aidan and The Mario Daniel Sconza Team were able to find me a beautiful home at a great price! As I went through the long and tideous process of finding a place, Aidan supported my needs and wants and created a plan that helped me achieve the goal of finally calling a place home. They have a great team, especially Adian. He is passionate about what he does & driven to ensure his clients’ success & satisfaction. I would strongly recommend this company to anyone needing assistance with buying or selling a property. No goal is beyond their reach, it's unbelievable!
Francis Comney
His personalized attention to detail and professionalism is truly awesome.
Robin was very helpful to my wife and I throughout the decision-making process, the search, the mortgage, and closing periods. His personalized attention to detail and professionalism is truly awesome. We ❤ our new home. I will recommend this company over and over again to anyone who needs their services.
