What can I do to reduce the risk of litigation in real estate transactions from the sellers perspective?
Minneapolis Criminal Defense Attorney, James Johnson, talks about how you can reduce the risk of litigation if you are a seller in a real estate transaction.
Email: [email protected]
Phone: (715) 381-7105
From the sellers perspective I think honesty, really, because it’s that failure to disclose. And maybe even before that, it’s finding the right agent because trying to sell the house by yourself that’s a mistake. So if you get an agent that’s somebody that can help you. But then, understand that that agent is to be giving you solid advice, yet you need to rely on that advice but you also have to go with your gut. And the common thing is water seepage into a house. Almost every house has had that and when you go through the list with the agent and they say have you had this and then you explain yes, it happened back in 1999 and we did this to cover up. And then they say, oh, okay, so we’re not going to put that down since it hasn’t happened since then. Well, then something happens and pretty soon, sure enough, a water leakage happens and then they say did this ever happen before? Well, yeah, it did but we fixed it and it wasn’t an ongoing issue. Well, that’s not what it says it says did you ever have. And so that honesty it’s erring on the side of absolute honesty. It’s better to have said yes, it did happen back then but we fixed it and we’ve had 16 summers since then and we haven’t had any problems. So I think absolute honestly on the seller’s part and following the advice of the agent that would be the two primary ways that you can avoid litigation.