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Everybody wants a home to call their own. Whether you're buying a new home or selling your current one, real estate is a business everyone participates in eventually. You might decide to use a real estate agent or opt to figure it out by yourself, but either way it's important to be armed with knowledge about real estate and real estate law. Unfortunately, with so many comprehensive real estate laws, it can be tough to know what your rights are. Knowing your rights will help your transaction run smoothly and help avoid misunderstandings and mistakes.
1. Your agent can sell your home and represent a buyer for it—but only after you agree to it. Many people believe a real estate agent can only represent the buyer or seller, but that isn't true. As long as both parties give written consent, the agent can represent both parties in the transaction.
2. You make an offer contingent upon financing and give a deposit, but the financing doesn't come through. While it might seem that you should get your deposit back right away, that isn't always the case. The deposit is held in a temporary trust account and both the buyer and the seller must agree to have the deposit released.
3. Every contract can be personalized. The contract between you and your agent doesn't have to be a standard contract; the specifics of the contract can be negotiated. Conditions like the length of time you want your home on the market and the amount of commission the agent gets can be discussed.
4. A contract is binding. Once you determine the terms and conditions of the contract with your agent and the papers are signed, the contract is binding. There is no trial period for the contract that states you can back out after a certain point; you must see it through to the end.
5. As a seller, you must disclose any defects with your home. If there is a known defect with your home or a problem that you should reasonably know about, you must disclose it, otherwise the buyer can cancel the contract. Conversely, as a buyer, you must have the home properly inspected, otherwise you'll have no recourse if you discover a problem.
Real estate dealings are complex and tedious by nature. Even if you're using a real estate agent, doing your own homework will only benefit you because you'll always have your best interests at heart. For more information, contact a real estate lawyer like Rella Paolini & Rogers Lawyers.
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