What Are Necessary Requirements When Selling a House? By Nick Stoles At Isnare.com Ezine Articles

The recent economic pinch has caused more people to part with personal property just so that they could have enough to spend on the more basic necessities of life, although with the rate things are going, some have even gone to far as to actually sell one of their basic necessities in life just to ensure that they will be able to make ends meet. While this is a sad fact for many, it remains the better option to going hungry or having to resort to a life of crime just to get by. For homeowners who can, selling their houses can actually be more than just something that will allow them to get by temporarily. If the house was sold at a profit, proceeds of the sale can allow the homeowners and even their families to live a debt-free life and maybe even have a little surplus cash that can be used to capitalize a business or maybe even buy a relatively cheaper residence, or maybe make the deposit and advance on a leased property.

Homeowners can actually go any of two ways when they plan to sell their house. They can either market it themselves if they feel that they stand to make a better sale than entrusting it to others, or they can hire a real estate company or a professional real estate broker to handle the marketing and selling of their property. In both cases, there are still requirements that need to be met before they can actually get their house on the market for sale, and these are requirements that are not only mandated by the law, they are also sure to help you sell your house.

Full disclosure – The homeowner or parties responsible for selling the property must disclose the property condition to any potential purchaser. Under no circumstance are they to withhold any pertinent or important information about the condition of the house being sold, such as potentially dangerous floorboards, a ceiling that can fall down on the purchaser should a strong rain come down on the house. Disclosure of the known history of the house may also come up during negotiations between the purchaser and the seller, and in some cases, this could either make or break the chances of actually selling the house. There are those who would rather not have anything to do with a house with a shady history, although there are some who believe the history of a particular house, regardless of how grisly and morbid it may be, actually adds to the value and character of the property. Property condition disclosure may be done by either a property disclaimer or a property disclosure statement.

Lead-based paint disclosure – Should the house being sold happen to be constructed before the year 1978, the owner of the house must present a potential lead-based paint hazard disclosure statement to any and all potential buyers. The lead-based paint poses a serious health hazard to all members of the family moving into the house. Lead is highly toxic to humans, particularly children. When absorbed into the body, it may cause serious damage to the brain, kidneys, the blood, even the nerves.

Fair housing act – All rules and regulations stated in Fair Housing Act must be strictly adhered to. This act prohibits the discrimination in all advertising related to the house being sold. The fair housing act clearly outlaws the refusal to sell or rent a dwelling to any person due to race, color, religion, or national origin, as well as other issue related to blatant discrimination.

Homeowners association – Should the house being sold belong to a community where there is a homeowners association, the seller is required to give the purchaser an after contract ratification and a new resale disclosure packet that can be taken from the property management company.

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