Selling a house is draining, both mentally and physically. On most occasions, it is difficult saying goodbye to a place you once called home. There are numerous considerations when selling or purchasing a home. To help you move with some peace of mind, we have created a 4-point checklist for selling your home.
You will need to confirm any potential buyers that you own a “clear title” to your home. “Clear title” is a title without any kind of impairment, lien, or levy from other parties that poses no question as to legal ownership. If you do not have a clear title, you will need to disclose any liens on the property, which are typically satisfied through the escrow process. Additionally, once escrow is opened, a Preliminary Title Report may be generated to provide a history of recorded transactions relative to the home. Often, there are exclusions that a title company will not insure against. You must understand the scope and extent of what you are either selling or purchasing. If you do not understand anything on your Preliminary Title Report, schedule an appointment with one of our real estate attorneys to help you decipher the Report.
Most states have statutes regarding disclosures. In Nevada, statutes include disclosures about conditions on the property that the seller has knowledge of prior to or at the time of sale. Failure to disclose such information can result in treble damages, or actual damages to remediate multiplied by three, plus the buyer’s attorney’s fees and costs. It is recommended to “over” disclose any and all known and resolved issues to provide as much information to the buyer so that there can be no issues relative to an alleged failure to disclose. Unfortunately, litigation regarding disclosures has increased in recent years because of the potential financial award.
Unfortunately, you cannot just pass someone the keys to a house and call it a day. There is vital paperwork that must be processed and recorded to make the sale legal: from the offer and acceptance to the seller’s real property disclosures, the recorded deed, and any deed of trust to secure and loans used to acquire the property. These documents are highly detailed and must conform to oftentimes complex rules and regulations. Thus it is important to have an attorney prepare or review these documents.
Hire a Handelin Law Attorney
Most importantly, you are going to want to hire a reliable and experienced real estate attorney. Our real estate lawyers can make sure that your sale is legal and you are protected. Schedule a consultation with us today or give us a call at 775 882 8032 with any questions you may have.