Home Sellers Rights
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What Are Home Sellers Rights?
In a home sales transaction, it is common knowledge that the buyers have certain rights when it comes to the property. However, sellers also have rights under federal and state laws. These laws help protect the sellers and provide for fair dealings during the negotiation and transaction process.
The rights of sellers may very by state law. Also, the buyer and seller can always work out some very specific terms in their real estate contract. During the sales process, a home seller’s rights may include the right to:
- Advertise the property in a listing or other similar forum
- Set a (reasonable) price
- Request and provide a home inspection
- Work with a real estate agent or broker
- Accept or reject an offer
- Negotiate for a deposit or settlement statement
Rejections can be for various reasons, such as: too low of an asking price; need more time to pack/move; found a better offer; buyer might not be able to obtain a mortgage. Again, the rights may vary slightly by state and according to the individual contract terms.
What Are the Obligations of a Seller?
Sellers also have a series of obligations they must adhere to during the sale. These obligations may include:
- Disclosing any major defects or dangerous conditions with the property
- Abiding by all anti-discrimination requirements under the Fair Housing Act
- Provide accurate and truthful information regarding home inspections and market prices
- Abide by all terms and conditions in the home purchase contract
What If I Have a Dispute over Home Sellers Rights?
Violations of home seller rights can often lead to legal action. For instance, a common dispute is where a buyer is contesting a seller’s rejection of their offer. Unless they have a specific contract regarding the offer terms, the seller usually has a right to reasonably reject an offer. In such cases, legal action may be necessary to resolve the dispute. Violations of rights can often lead to a damages award to help compensate the seller for lost profits, delays, and other issues.
Should I Hire a Lawyer for Help with Home Sellers Rights?
It can sometimes be difficult to fully understand all of your rights as a home seller. It may be in your best interests to hire a local real estate lawyer if you need help with a home sales transaction. Your lawyer can help you to understand what your rights are as the seller. Also, if you need legal representation during a lawsuit or other legal proceeding, your attorney can provide you with help during the trial or other meetings.
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Last Modified: 08-24-2015 09:06 PM PDT
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