Prepare Ahead Before You Buy and Sell Real Estate

Residential real estate sales seem fairly straightforward. A buyer and seller enter into a contract with a few conditions. For instance, the appraisal of the property has to be satisfactory to the buyer’s lender and the buyer needs to get a mortgage in order to close. However, beneath the surface there are really many more things at play, some of which can led to problems and result in the transaction being torpedoed.

Take, for example, a seller who wants to sell their home that was remodeled a few years ago without permits, including adding a second bathroom. Some homeowners will try to pass off a house to unsuspecting buyers without disclosing unpermitted work and let the buyers deal with the consequences. But there is a good chance that a closing agent, title company or home inspector will uncover the unpermitted work. And then what? There is a big problem that could result in the contract being terminated or the matter could head towards litigation.

If you have questions about how to prepare for buying or selling your home, please reach out to the Law Offices of George Merritts.