Legal Liability In Real Estate Essay

When it comes to selling and buying a home, real estate legal liability has several components that involve representing the property, protecting the interest of all parties, and neglecting parts of the sales process. Sellers are more likely to be confronted with legal liabilities pertain to the home’s condition s found during the home inspection and after the sale, once the buyers take occupancy.
Legal liabilities for sellers after the home is sold and transfer of ownership is complete may exist depending on terms and conditions all parties signed as part of the purchase agreement. The language can be confusing and vague, especially when it comes to the extent of the repairs sellers are responsible for completing. Buyers may have legal liabilities according
If the defects were identified and the buyers signed off or waived the conditions, usually sellers are protected from the as is clause.
Risks
Legal Liability is based on the fact that each party holds some responsibly to the other when agreeing to enter a contract. If one party fails to meet the agreement, it may be considered a breach of the agreement. As a seller, you may not be protected from legal liability if misrepresentations intentional or unintentional were made during the transaction. The best policy is to work with your realtor; they are experienced and offer the nest solutions for your home sale to go through a few hiccups as possible.
Keep in mind this is a business transaction and limiting the amount of legal liability is in the best interest of the seller. The best solution to avoiding legal liability is good communications with your realtor, and your buyer. Be sure everyone understands the documents begin signed and the responsibilities designated to each party in the