In this difficult real estate market selling a home without using a realtor or attorney may seem like a good idea. The money saved, however, can easily be paid out in legal fees and damages if a seller fails to comply with certain statutory duties.
Did you know that in Pennsylvania, residential real estate sales require a homeowner/seller to provide a Real Estate Seller’s Disclosure? Conversely, if you are buying a home, have you been provided with a Real Estate Seller’s Disclosure?
For a seller, failing to comply does not invalidate the sale, but it does expose a seller to liability for damages sustained by a buyer. For a buyer who purchases a home without having received a proper disclosure, unanticipated expenses could mount to repair problems with the home that should have been disclosed prior to the sale. Often these matters wind up in litigation.
If you do not know what a Real Estate Seller’s Disclosure is, how to complete one to properly discharge your disclosure duties, how to interpret a disclosure that has been provided to you, or what to do if you are experiencing problems with your home that were not disclosed, you may want to consider consulting an attorney.
For more information on the legal rights and responsibilities associated with residential home purchases and sales, contact our office.