Center for Real Estate Law
THE PROPERTY LAW CENTER, L.L.C.
WITH OFFICES IN KANSAS AND MISSOURI
Joseph R. Borich
4630 W 137th St.
Suite 100
Leawood, Kansas 66224
913-341-4550
Fax: 913-663-3834
Joe@propertylawcenter.com
James B. Jackson
4215 Hocker
Suite 300
Independence, Missouri 64005
816-461-4762
Fax: 816-252-5319
Jim@Propertylawcenter.com
Douglas J. Patterson
4630 W 137th St.
Suite 100
Leawood, Kansas 66224
913-663-1300
Fax: 913-663-3834
Doug@Propertylawcenter.com
Questions?
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WHAT IS THE FIRST THING I NEED TO DO IF I AM BUYING OR SELLING A HOUSE?
You may want to find a real estate agent, or broker, to help you in either buying or selling a house. If you are a potential buyer, you can work with any number of brokers.
If you are a seller, you generally will responsible for paying the broker's commission, and generally list with only one broker. Although as seller you list with one broker you'll want to make sure the terms of your listing allow other brokers to show the house to potential buyers.
In such a case, the commission is shared (often split) between the listing and selling brokers. If you are buying a house, you should be aware that the brokers (even "your broker") are almost always acting in the interests of the seller. Sometimes you may even be asked to sign a document indicating this.
WHAT ARE SOME THINGS A SELLER SHOULD LOOK OUT FOR WHEN DEALING WITH THE SALE OF A HOUSE?
The seller should consider the following:
(1) Whether or not to use a broker, and if so, the broker's commission.
(2) What things (fixtures, equipment, built in furniture and the like) will be included in the sale?
(3) Is there anything that I should do in advance to "dress up" the property, from needed repairs to a new coat of paint?
(4) What is the asking price of the house?
(5) What price are you willing to accept?
(6) Are there any defects that you must by law disclose to the buyer?
(7) Do you have any debts or liens that may affect the sale of your home?
WITH ALL THE AGREEMENTS IN A REAL ESTATE TRANSACTION, IS IT IMPORTANT TO HAVE A LAWYER?
Although many people buy and sell houses each year on their own, it is a good idea to have an attorney represent your interests when you are buying or selling a house. An attorney who has experience in real estate can help you to draw up a contract that can be sure all contingencies have been considered. The real estate agent will be trying to get the deal done, so as to receive his/her commission, so it is good to have someone who specifically represents you, whether you are the buyer or the seller.
A lawyer can also help you do a "title search" ot to review the title insurance commitment to be sure the property is free from any claims against it by creditors of the seller, or of previous owners.
WHAT ARE SOME THINGS A BUYER SHOULD LOOK OUT FOR WHEN DEALING WITH THE PURCHASE OF A HOUSE?
The buyer should consider the following:
(1) Exactly what property is included in the sale? Lighting fixtures, drapes or blinds, refrigerators, stoves, washing machines and dryers are often problem areas.
(2) Is the neighborhood quiet, friendly? Are the homes well kept?
(3) Are there any development plans that will affect the property?
(4) The inspection report - are there any substantial problems with the house?
(5) Real estate taxes - what are the current property taxes, and what impact will your purchase have on the taxes?
THE HOME INSPECTOR: IF THE INSPECTION IS NOT SATISFACTORY, CAN THE BUYER BACK OUT OF THE DEAL?
In addition to everything else, the contract should include an "inspection contingency clause"; that is, what happens if the buyer's inspection does reveal problems with the property. If you retain a "Home Inspector", make sure the Home Inspection Contract does not limit the inspectors responsibility for errors in the report to only the fee paid to the inspector. Small problems, like leaky faucets, loose light fixtures or doors that don't close properly can probably be fixed easily by the seller. More substantial problems, like a defective furnace, a waterlogged basement, or non-compliance with building codes, that can be structural, need more substantial repairs. Although, depending on the terms of the contract, the buyer can often break the deal without forfeiting his/her deposit, there may be a statement in the contract that says that the seller will either fix the problems, or give the buyer a discount on the price of the house in lieu of repairs. If the house is situated on a hillside, and is about to slide off the side of a cliff, the buyer will most likely want to cancel the contract.
The information in this web site is intended for informational purposes, however, it does not constitute legal advice. If you feel you need an attorney seek advice from our firm or other competent counsel.