Selling a Home: Your Legal Checklist
By Avvo on 23 Mar 2015 Originally posted on http://www.zillow.com/blog/selling-a-home-legal-checklist-172292/ Selling a Home: Your Legal Checklist By Avvo on 23 Mar 2015 Know-How Blog Topics Celebrity Real Estate Market Trends Home Improvement First Person Unique Homes Tips & Advice Featured Post Home Improvement / story 5 Home Projects You Can Finish During Your Staycation By BobVila.com on 7 Jul 2016 Balance R&R with a little DIY for total staycation satisfaction. Read Full Story Zillow Tools Find homes for sale Search for rentals Check the latest mortgage rates Get home design inspiration Connect with a local agent Blog Topics Celebrity Real Estate Market Trends Home Improvement First Person Unique Homes Tips & Advice Featured Post Home Improvement / story 5 Home Projects You Can Finish During Your Staycation By BobVila.com on 7 Jul 2016 Balance R&R with a little DIY for total staycation satisfaction. Read Full Story Zillow Tools Find homes for sale Search for rentals Check the latest mortgage rates Get home design inspiration Connect with a local agent There’s more to getting your house in order than boosting curb appeal and finding a real estate agent. By Stephanie Reid, Avvo attorney and NakedLaw contributor If you’re thinking it’s time to sell your home, there are a few legal issues to consider before posting that “For Sale” sign. Whether you are parting ways with your spouse, planning to upgrade or downsize, or selling out of financial necessity, you should protect yourself from pitfalls awaiting the unsavvy seller. Here are four steps you can take to avoid common issues that pop up during the residential home sale process. Resolve debts, encumbrances and liens If your property has incurred any sort of debt, encumbrance or lien, you will need to take care of this prior to settling with your buyer. This obstacle can arise in any number of ways, including through: Federal, state or local tax liens Civil court judgments Child support or spousal support missed payments General unpaid debts Failure to pay homeowners association dues Of course, the outstanding amount will vary greatly from homeowner to homeowner, but one thing is certain: The lienholder will get paid. If you are facing a major tax lien or civil judgment attached to your property, selling your home will not get you out of trouble, especially if you try to hide the debt or defraud the buyer. The lien will, without question, appear on a title search ordered by the buyer and will become a deduction from your sale proceeds on the day of closing. Get joint tenants on the same page The ownership structure of your property may impact your ability to sell, especially if you inherited the property with several family members as joint tenants. If this...
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