Not Having An Oakville Real Estate Agent Handle Your Home Sale May Be Dangerous To Your Bottom Line
Buying or selling a home will probably be one of the most important and largest financial transactions you’ll ever make in your life. Choosing to sell your Oakville home without the help of a real estate agent may save you some bucks, but it’s not a wise move. A simple mistake could cost you more in the long run. Selling a home involves the law of property which is different and contains various conditions that have to be fulfilled by the seller and buyer. There are many challenges and drawbacks associated with the “for sale by owner" (FSBO) process. Discussed below are legal consequences that may arise when you choose to sell your home without the assistance of a real estate agent.
Breach of Contract
In any typical home purchase process, the seller enters into a contract with the buyer. If you fail to close on the agreed upon date, it is breach of contract. The affected party, which in this case is the buyer, is entitled to compensation for losses or costs incurred as a result of the breach. A real estate agent works with you to ensure that you abide by all the conditions in the contract. He or she ensures that important information such as the closing date and terms of payment are clearly outlined in the contract.
Omissions in the Sale Contract
Taking on the task of drafting and executing the sale contract without the assistance of an experienced agent could expose you to serious trouble. Sales contracts are drafted by professionals who know what terms and provisions should be included to protect the seller. In most cases, the buyer or seller does not know the legal conditions that are supposed to be included in the contract; therefore, they are likely to make omissions that could have serious legal ramifications.
Failure to Disclose Risks
Agents provide their clients with valuable advice on prepping up their homes for sale and identifying problems that could arise in the future. As a home seller, you are required by law to disclose house defects to the buyer. An experienced agent could help you draft a disclosure form that will help you avoid a lawsuit in case various issues arise later. However, you should give honest information about the defects on your house. Failure to disclose defects could lead to the following:
- You’ll be responsible for the repair costs and damages that occurred as a result of the defects
- If you’re charged with fraud, you’ll be subjected to punitive damages
- You’ll be responsible for the buyer’s attorney fees and all costs related to the lawsuit
- The court may rescind the sale forcing you to take back your house
Most Oakville real estate agents provide additional services that seek to make the home selling process easier. For more information, contact Krisztina Neglia.