Advice for Real Estate Sellers
In the past decade, the housing market has spiraled up and down for Sellers. This makes it even more imperative that that when you are selling you are properly represented. Selling your home can be difficult and stressful. For the past 30 years, Jerry D. Casel, Esq, has represented hundreds of sellers and investors in all aspects of the real estate market. It is the combination of sound advice, personal attention, and the skillful execution of legal services in a client-oriented environment that distinguishes this law practice from all others.
Here are some suggestions for the Seller to make this process go smoothly:
1. GET YOUR CO’S IN ORDER.
Certificates of Occupancy (or lack of) are like ghosts. They can come back to haunt you when you go to sell. If you are missing CO’s for dormers, extensions, garage conversions, enclosed porches, decks, etc., it is best to obtain these prior to putting the house up for sale. Alternatively, discuss with your attorney provisions that can be put in the contract to protect you should a CO be missing.
2. HOME INSPECTIONS AND THE CONDITION OF YOUR HOME.
Most buyers will request to do an home inspection of your home BEFORE the contract is signed. This is normal and customary. However, a word of caution about these inspections. They are not meant to renegotiate the price with you. They are only intended to reassure the buyer that there are no serious problems with your home. When the contracts are prepared, provisions will be inserted stating that the house is sold in AS-IS condition.
At the same time, you should be aware that most contracts require the Seller to keep the plumbing, heating, elctrical and appliances in working order until the closing date. In addition, the roof must be free of leaks. If any of these items are a problem, discuss them with your attorney so that he can put appropriate clauses in the contract to protect you.
3. CHECK OUT THE BUYER’S QUALIFICATIONS.
Before you sign a contract, insist that the buyer provide you with pre-approvals, credit reports and income representations. Yes, contracts are typically contingent upon the Buyer obtaining their mortgage approval. It is therefore critically important that your attorney puts provisions in the contract to insure that the buyer expeditiously and truthfully applies in good faith for their mortgage approval.
- Five Questions you should ask your attorney:
- How can I insure that my buyer will be able to get their mortgage?
- What are my closing costs and how long will this transaction take?
- I’m missing certain certificates of occupancy. Will this prevent me from closing?
- I want to sell and buy simultaneously. What steps can I take so that I am protected if my Buyers break their contract with me?
- Will I have to pay a capital gains tax on the profit that I am making on the sale of the property?
Purchasing or selling your home or apartment usually involves one of the biggest investments one makes in their lifetime. Such matters should only be entrusted to an experienced and able attorney. Call our office at any time to answer all your concerns and questions.