There are lots of things to consider when selling your home. While your main concern will be choosing the right buyer and selling your home for a price that reflects its true value, you should also take steps to protect yourself legally.
According to Forbes, the new owner can file suit against you if they discover certain repair issues or defects they were not aware of before buying. Here are a few ways you can safeguard yourself and prevent legal issues from popping up after the sale has been finalized.
What sellers should disclose before a sale
Home sellers are urged to disclose significant repair issues to interested buyers, even if you are not legally obligated to do so. This includes pest infestations, defects in the plumbing or electrical systems, roof leaks, violations of zoning or building codes and other relevant issues. While buyers are encouraged to perform their due diligence before purchasing a home, you could be held liable for any oversights they make.
If you do not make the proper disclosures, you could be held accountable for buyer damages. Aggrieved buyers can pursue a range of compensation, including pain and suffering, repair costs, punitive damages, and more. These damages can be quite expensive, especially for significant home defects.
Why home inspections are recommended
Even if you are unaware of problems with a property, you can still be held financially liable for any issues they cause. As a result, having your own inspection performed before the home goes on market makes you fully aware of all possible defects.
Once you are aware of problems, you can take the proper steps to repair them. You can also inform the buyer of the issue and negotiate terms so everyone is satisfied at the end of the day. Having your own inspection performed prevents any last minute surprises on closing day.