Tips for Selling a Home
Most home sales work out well. But some do not. Here are ways to protect yourself when selling a home.
- The Broker’s Agreement. There are several types of broker’s agreements. Some entitle the broker to a commission even if his or her efforts did not result in the sale. Be sure you understand the kind of agreement you and your broker have.
The Purchase Agreement. As a seller, one of the best ways to protect yourself is to have your lawyer review any offer you want to accept. Some rights your lawyer can put in the contract to protect you are:
- keeping the buyer’s deposit or an agreed amount of “liquidated damages” if the buyer backs out of the deal;
- being able to accept a second offer so you can sell to someone else if the buyer does not perform;
- terms to protect you if you accept some of the purchase price over time.
Selling a home is a complex event. It’s best to get legal help at the start of the transaction, when it’s much easier to take steps to prevent problems.