Deciding to buy or sell a house can be very stressful. You can hire a real estate agent or you can sell on your own to avoid paying commission to an agent. If you decide to sell on your own, there are certain obligations that must be met. For instance, you must deal in an honest manner with a potential buyer. You cannot misrepresent any of the facts regarding the house. This includes the requirement to disclose any defects that are not readily apparent to the potential buyer. Failure to do so can result in legal action.
Real estate agents have duties to you as the seller. You will enter into a listing agreement or written contract with the agent saying that he or she agrees to sell your house on your behalf at a certain price. This contract will also specify the fee the agent charges for selling your house (usually a commission). The agent has a fiduciary duty to the seller. This means the agent must put the seller's best interest above their own when marketing and selling your house.
Buying and/or selling requires more than a contract between the buyer and the seller or the seller and agent. There must be a transfer of ownership or a deed. In addition, the seller must show he/she is the owner of record and there are no liens on the property by providing proof of title insurance. This guarantees that the property is not subject to any outside interest.
Property law is often thought of as simply "if you own something, it's yours, and you can do what you want with it." Unfortunately, property law is not that simple. It has to do with conditions and interest and boils down to the relationships among people with respect to valuable resources. There is no single concept of ownership where property is concerned. It is the allocation of value to society as a whole, not how one individual views the property. For instance, Linus's beat up blanket has a lot more value to him then it ever does to Lucy or Charlie Brown.
The lawyers at Isaac, Brant, Ledman, & Teetor LLP know that you value your possessions and property and know the law as it relates to such matters. They will apply their expertise and work to ensure fair treatment under the law.
