Five Important Things for The Seller to Know
Accuracy of the information on the listing agreement and the seller disclosure form is important. Inaccurate information on the seller disclosure is a common source of misrepresentation lawsuits filed against sellers.
The terms and wording of the sales contract are crucial. You are not selling a car or a refrigerator. This is one of the most important documents many people will sign in their lifetime. Get it right the first time.
If there is a breach of contract by either party, the earnest money deposit is not the only thing that will be at stake. In North Carolina breach of contract damages can be more than just the deposit money so the seller does not have to be satisfied with just the earnest money deposit.
Who is the buyer? The important thing is to sell the house. If the buyer walks away and breaches the contract, the seller is left with only a lawsuit. Check out the buyer before the contract is signed. A contract is only as good as the person who signs it.
The seller should know his limitations and not try to be a “know it all”. Sellers should rely on the experts. Real estate agents, attorneys, inspectors, surveyors, and mortgage lenders are a few of the experts the seller should rely on when selling real estate.
Ryan C. Hawkins is a partner at Ferguson, Hayes, Hawkins & DeMay, PLLC and a member of the Real Property Section of the North Carolina Bar Association.