Imagine this: After years of saving up to buy your first home, you finally close on your dream abode. But upon move-in day, you discover the basement has extremely high levels of radon that could put you and your family in danger. The seller didn’t test the house thoroughly enough, and now you face a lengthy and expensive legal battle for recourse. And those who’ve just gone through the exhausting process of selling a home certainly don’t want to get hit with a lawsuit.
To avoid one of these frustrating scenarios, buyers and sellers alike need to do their homework. Sellers have the responsibility to disclose to the buyer any problems with the condition of the dwelling. Rest assured, the buyer will find out about these problems once they make the house their home—it is not in the seller’s interest to conceal anything. To make sure all bases are covered, sellers should hire a professional. An experienced home inspector can find all material and non-material problems with the home and while this can cost an insignificant amount, it can save a seller a ton of money in the long run.
However, buyers should not rely solely on the seller’s trustworthiness. To ensure due diligence is performed, it’s best for the buyer to hire their own inspector to look for problems. Besides the obvious property damage like roof leaks, mold, or high radiation levels, it’s important to look for things like property disputes with neighbors, liens against the home, or outstanding debts.
Hiring a lawyer upfront can help both parties smoothly navigate the home buying process as well. The brokerage agreements that sellers typically sign do not usually include a number of legal issues; a lawyer’s involvement will ensure that all terms are clear and that the agreement was properly signed. An attorney can also inform sellers of the tax consequences of the transaction.
Buying or selling a house is a stressful experience—by consulting with professionals to ensure that each party is meeting his or her responsibilities, everyone involved can be spared a giant headache later down the line. That is one reason to find a trusted real estate agent. The Lowery Team Nashville has years of experience in real estate transactions and would be happy to guide you through the process. If you are in the market to buy or sell your home, contact us at (615) 400-8622.