Both buyers and sellers can feel tremendous pressure during a real estate transaction. Though that pressure may bubble up in different ways, it creates a tense and dramatic backdrop that’s ever-present in real estate deals.
If you’re coming at it from the seller’s perspective, you are eager to attract buyers willing to pay top dollar for the property and close the deal quickly. While that’s certainly a priority, it’s equally important to ensure you are protected from potential legal and financial pitfalls. Here’s what to know about safeguarding yourself when selling your home in Florida.
Be Honest with Your Disclosures
Florida law requires sellers to disclose known material defects that could impact the property’s value or safety. To protect yourself from potential legal trouble, provide a written disclosure statement to document what you know about the home. Disclose all major defects, even if they’ve been previously repaired, and consider keeping records of repairs and maintenance to show transparency.
Use a Well-Written Sales Contract
A legally sound purchase agreement is your best defense against disputes. Your contract should include:
- Clear terms and conditions about the sale
- Contingencies for inspections, financing and closing deadlines
- A well-defined “as-is” clause, if applicable, to limit your post-sale liability
Working with a real estate attorney and an experienced agent can help ensure your contract is airtight.
Be Cautious with “As-Is” Sales
In an “as-is” sale, you, as the seller, are essentially stating that you are not willing to negotiate repairs or offer concessions based on property conditions, but it doesn’t absolve you from disclosing known issues. Buyers still have the right to conduct inspections, and failing to disclose defects can lead to lawsuits even after closing.
Screen Your Buyers Carefully
Accepting an offer is great, but a weak buyer can lead to delays or even a failed sale. To avoid complications, ensure the buyer is pre-approved (not just pre-qualified), and request proof of funds for cash purchases. It’s also important to set clear deadlines for inspections, financing and closing.
Work with Trusted Professionals
A strong real estate team, including a knowledgeable agent, real estate attorney and title company, can help protect your interests and ensure a smooth transaction. Your attorney will take the lead on reviewing contracts and disclosures for legal compliance as well as help negotiate favorable terms if issues arise. Your title company will ensure a clear title to prevent closing delays.
Contact Us at Sirulnik Law and ADS Title Services, Inc.
If you’re preparing to buy or sell a property in South Florida, get in touch with the Law Offices of Alex D. Sirulnik, P.A. and ADS Title Services, Inc. today.
