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Alternate dispute resolutions
It's no secret that lawsuits in the United States are often stressful, long and expensive to be a part of. Because of this, many people are turning away from the courts to other methods to settle their disputes.
When a person sells a home they're required to notify the buyer of any known problems with the property. If the seller doesn't know about problems that might exist they're not liable for them.
Disclosure regarding death
When a person puts a piece of property up for sale, they're obligated to disclose any information that would reasonably effect a buyer's decision about the property.
Lead-based paint disclosure
In recent years, it's been discovered that lead based paint can pose a serious health risk, especially for children. As a result, a federal law was passed in December of 1996 requiring full disclosure of the existence of lead paint on a property.
Mutual release
Once an offer has been made that's agreeable to both parties, the completion of the sale is usually contingent on two things. First, it's necessary for the buyer to receive the necessary financing.
Probate sales
Probate sales are sales that are conducted by the State after a person's death. This process usually takes one to two years to complete, at which time the assets are distributed to the heirs.
Problems with "for sale by owner"
The most common way to sell a home is to list it with a professional realtor. Sometimes, however, people choose to attempt to sell their homes themselves.
Property inspections
Before purchasing a new property, buyers should have the property thoroughly inspected. One inspection that is standard is a pest inspection. It's recommended that buyers are present when the inspection is being done so that they can ask questions.
Real estate contracts
The contract is the most important part of a real estate transaction so it's critical that you pay particular attention to all of its clauses before signing it.
Real estate taxes
Beginning in May of 1997 a new law called the Taxpayer Relief Act significantly decreased the taxes that a homeowner must pay when selling a house. This law allows an individual to protect as much as Two Hundred and Fifty Thousand Dollars from capital gains taxes.
Risks of litigation
Unfortunately not all home sales work out well for both parties. Litigation is often the result of poor paperwork and incomplete disclosures about the property.
The "as is" sale
Despite how it may sound, a seller isn't protected when they sell their property 'as is'. In an 'as is' transaction the seller is still required to provide a Transfer Disclosure Statement about the property.
The arbitration clause
Sometimes the sale of a property is followed by a lawsuit by the new owners because of undisclosed conditions of the property. To prevent this, some buyers and sellers opt to insert an arbitration clause in the final contract.
The selling process
While there's no standard process that a person must go through to sell their home, there are steps that are commonly taken. Typically, a seller will begin by researching agents with which to list the home.

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