Legal Issues to Look Out For When Selling Your Property Through Digital Media
Today, most entrepreneurs are giving their businesses a digital overhaul by making it possible for buyers to make online purchases. If you are selling your home or another piece of property, you may be thinking about using social media, a website, or other digital platforms. The truth is, digital media gives you a wider coverage and increases the chances of selling property faster as compared to using print ads or word-of-mouth advertising. However, from a legal standpoint, there are various issues that you should be aware of when conducting such transactions. Doing so will protect you from facing lawsuits or lacking buyers for your property.
Incorrect representation of property
Most people who opt to sell property online do not use conveyancers or real estate lawyers. For this reason, it is critical for you to ensure that you have proper knowledge of the market. How are houses or apartments that are similar to yours priced on the market? Knowing these will prevent over- or under-pricing the houses or apartments. Similarly, you need to understand specific market prices for homes in your neighborhood based on the location, amenities, and other factors.
Do extensive research about this to prevent incorrect pricing or misrepresentation of your property on digital media. Conveyancers can help you in obtaining accurate data before listing your property on the market.
During every property purchase, the seller is required by the law to disclose all matters regarding the property, especially those that would influence the buyer's decision. Full disclosure includes the condition of the entire property. Any hazards such as faulty electrical wiring, asbestos materials, or structural issues should also be disclosed to the buyer. When selling property online, the matter of full disclosure can be ignored.
If the buyer finds faults with the property after signing the contract, they can sue you for lack of full disclosure. Always ensure that you avail all the relevant information about the property. Also, you can organize for a physical inspection so that the buyer can see what they are purchasing before committing.
Unlike most online purchases where the agreement can be completed online, a property transaction is a little more complicated. The buyer will have to be physically present to view the contract and sign it before receiving legal ownership. Therefore, even if a buyer commits to the purchase through social media messaging or phone calls, organize a physical meeting to go over the contract and iron out details of the transaction. Do not agree to sell a property without a contract as this can cause legal issues down the road.
Contact a qualified conveyance or real estate attorney to avoid falling into legal traps or facing difficulties during the property purchase. At a reasonable fee, a professional will handle the entire process, including drafting and presenting the contract to the buyer.