By Jule’ Dunham
Greetings from the World of Real Estate with Julè.
This week I would like share with you some information that you may need to No. 1, list your property and No. 2 buy property. A lot of people think it is easy to sell or buy a home and/or land.
Actually, sometimes it can be easy, however, most often there are strange obstacles to overcome. For instance, if you want to sell property and it was purchased with other family members, the surviving purchasers and/or heirs must agree, yes, agree to sell the property and receive your legal portion.
This is determined by law not opinion. Inasmuch as this can hurt someone’s feelings or maybe even anger them, it must be done according to the law. Real estate agents are not attorneys but rely on attorneys to help us with these situations.
I use an attorney that specializes in real estate. They keep up to date on changes in the laws and are a great resource for accurate information. Now, here is the important part. They must have ALL information that pertains to the property.
If a seller withholds information from the attorney, it will surely come out in the end. I t a l w a y s d o e s! Why? When preparing for closing, title searches are performed, death records, wills, etc. may also be discovered along the way which may affect the outcome of the property sale.
Therefore, please disclose any information about the property you are interested in selling with your real estate agent before listing your property in order to allow them to better serve you.
What should you disclose? There are so many things that come to mind, but at this time we are referring to multiple family members that have purchased property together. If anyone has died that was a purchaser, you would need their “will” if they had one. You will also need a list of any other survivors and possibly their descendants. Get with your real estate attorney and determine what documents you may need. The sooner you gather these documents and information the better.
Not disclosing pertinent information could result in the buyer suing you should problems arise.
When you are buying property, you will want to be sure that a title search is done and having a survey done is important as well.
You want to be sure that you are in fact buying what you think you are buying, and all is clear of any possible issues that may arise in the future. Wouldn’t you hate to find out later that John Doe’s grandchild still owns half of your backyard? Holy cow!
That could make for a very bad day. Does the property you are purchasing have any easements,
maybe even to a neighboring property? Meaning, do they get to drive thru your property to get to their property? Hmmmm,,,,,something to think about.
Are there any encroachments to the property?
I saw a property where the neighbor built his barn on part of his neighbor’s property. Can you believe it? These things really happen in real life.
There are many unusual circumstances that can arise from a property sale. So, have a good Realtor®, allow them to work for you, ask questions and listen to their advice, but remember, the decision is ultimately yours.
Should you have a topic you would like addressed, please feel free to contact me.
Thank you for reading my column and have a blessed week.
Crye-Leike Realtors
Julè Dunham, Affiliate Broker, SRES, RENE. Contact her by phone at 901-828-8471 (cell) or 901-840-1181 (office) or by email to: [email protected] for an appointment to speak with you, your group or club.
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