The process of selling your home is stressful enough without having to worry about your legal position too. But a real estate transaction is a legal procedure, one that involves attorneys and binding contracts. A wrong move could lead to a costly lawsuit.
Fortunately, you can take steps before and during the sale to minimize the risk of litigation and protect your rights as a seller in Camden. Here are five examples.
Hire the right real estate agent
You might be tempted to sell your house yourself to avoid the cost of hiring an agent. But having a real estate agent can dramatically shorten the amount of time your house is on the market and deliver a higher sale price.
Get a pre-sale home inspection
Similarly, some homeowners choose to skip the optional step of having an inspection. But the money you save from not hiring an inspector can get swallowed up if the buyer discovers a major issue, like a foundation problem, that causes a major disagreement.
Review all offers carefully
If you get multiple offers (which is likely in today’s seller’s market), picking the best one can mean more than choosing the one that is the highest. Factors like the size of the down payment, whether it’s a contingency offer, and when they want to have the closing can also impact how good an offer is for you.
Consider possible taxes
If you have lived in your home for at least two of the past five years before selling it, you will not owe capital taxes for the first $250,000 in proceeds, or $500,000 if you are married. If the profit on the sale is greater than that, you will owe tax, which you should prepare for.
These are the sort of things your attorney can help you with. Their advice and help at closing are invaluable for helping make the sale go through smoothly and securing the best possible deal for you.