Buying and selling a house brings in a lot of responsibilities for both parties. The buyer is responsible for making all the payments on time, while the seller is responsible for handing over the property to the buyer as agreed in the contract. Now, this contract can cover a lot of things that estate agents in Maidstone can help you do.
The estate agents, however, take up the majority of the tasks that need to be carried out by both parties. But there are some details and responsibilities for which the seller is responsible legally and otherwise. Below discussed are some of the major duties that a seller has while selling his property.
The seller must give details about the building’s condition.
It depends upon the buyer whether he will use the house as it is constructed or demolish it and construct it again. If the buyer is going for the first condition then it is more important for the seller to share the details about the construction of the building. It is advised that a seller should invest some amount in renovation before putting the house for sale. This is because the buyer won’t like to spend money on renovation. The buyer might end up paying lower for your property in such a condition.
Legal issues should be transparent.
If there is any family or government dispute related to the building the buyer has the right to know. It is legally wrong if the person selling the house hides or shares incomplete information on legal matters related to the building. No buyer would be interested in buying a disputed property. The seller must make sure that he puts the property on sale only after he has resolved all the legal matters.
Information about pending dues needs to be shared.
If there is any pending loan or any other debt due on the property then the seller needs to share this information with the respective buyer. The seller also needs to inform the concerned authorities about the selling scenario. This is a very important point that any buyer must keep in mind. If the seller hides such information he can be subjected to legal actions. Also, the buyer should take note of this and must inquire the seller about any debts due on the property. This will help avoid any confusion later.
Few details about the locality.
There is no one better who can guide you about the locality than the person residing there. The seller must give information about the locality like the shops around, the people living nearby, etc. Also, it is recommended that the seller warns the buyer about any threats like robbery in the locality so that the buyer make arrangements accordingly.
However, sometimes sharing this information can affect the sale of the property. The buyer can change his mind according to this information.
Till now you must have understood what are the responsibilities of the house owner before he/she sells the property.
Now, read further to find out how long the owner is accountable for the house once the deal is done.
How long is the owner accountable?
Once the deal between both the parties is done and the seller hands over the keys the accountability of the seller does not end. But the liability period can vary accordingly.
Sometimes the seller may be liable for 6 years after selling the property. This means that the buyer is allowed to raise a claim till 6 years after buying the house. However, in some cases, this period can be even shorter that, is up to three years.
That was all about the responsibilities and accountability of the property owner after selling the house. It should be understood by both parties that buying a house is a long-term investment. Therefore, they should make every piece of information clear. And to make the process more hassle-free, hiring estate agents can be helpful. They will help you understand the process and make things easy.