Understanding the Contract When Selling Your Home to a Home Buying Company
The process of selling a home to a home buying company is not an easy one. In fact, it can be quite difficult as the sales process can be largely different from selling your property to another individual. The goals of the home selling and buying companies are very similar in that they both aim to make an acquisition, however there is often a different level and scope of commitment involved with each transaction due to the contracts that are made between buyer and seller. Keep investigating in https://www.atticushomebuyers.com/we-buy-houses-milwaukee/.
Here are the major factors to keep in mind when selling your home to a home buying company.
You are Selling to a Business, Not a Person
The first major difference that you will notice between selling to a home buying company, compared to an individual is that this company is in fact a business. While the buyer may be represented by an individual person, the actual organization that you are making a transaction with is not. This can mean that if there are any legal setbacks during the process of your transaction the person who you were working with at first may no longer be available to help you.
Corporations Are Not Individuals
Another difference between a home buying company and an individual is that the buyer corporation is not actually an individual. The legal standing and standing in the community of a corporation is similar to that of an individual; however, because these organizations are not individuals there are often more restrictions on them which would void any trip and liability insurance due to their status as a business; thus leaving you without any recourse if something goes wrong in the transaction.
An Individual Can Be Charged With Fraudulent Misrepresentation
It is very important to note that as an individual there are certain fraudulent misrepresentation laws that can apply to you with respect to your home sale. These laws will state that if you were to intentionally misrepresent yourself or the property you are selling and then engage with the buyer corporation in any way, there can be severe consequences for your actions.
Legal Fees and Expenses are Not the Same
Another difference between selling your property to a home buying company and selling your property to another individual is that you are required to pay for legal fees that may be incurred. When you sell your property through any other means, other than through a sale by owners, you do not have to pay for these costs. This means that if there are any problems with the transaction – such as any legal fees or expenses – you will not be required to pay for them.