Selling a house is a significant transaction that doesn’t always end after closing. How long are you liable after selling a house? The answer depends on several factors, including applicable laws, contract terms, and the specific circumstances of the sale.
Property owners often contact Simply Sold to tell us, “I want to sell my house fast in Queens,” or one of the many areas where we purchase homes for cash. But, they are also concerned about continuing liability after the sale.
Read below for information about the post-sale liability period and how to avoid those risks with an as-is cash sale to Simply Sold.
Seller’s Legal Liability and Real Estate Disclosure Obligations
When selling through traditional real estate listing and sales, home seller responsibilities usually require disclosing known defects.
Real estate disclosure obligations vary by state but generally mandate informing buyers of significant issues like:
- Structural damage
- Plumbing problems
- Environmental hazards
- Known flooding or mold growth
Failing to disclose can lead to legal consequences. How long are you liable after selling a house? The post-sale liability period may extend for many years, depending on your state’s statute of limitations and related law.
Sellers may also face liability because of warranties or clauses in real estate contracts. The home warranty duration depends on the fine print and can cover many types of repairs far into the future.
Most jurisdictions allow buyers to pursue legal action for damages or even to revoke the sale in some cases. Many standard real estate contracts have language allowing a seller to make claims for their attorney’s fees as part of their damages.
Steps to Minimize Post-Sale Liabilities
In the traditional housing market, sellers have limited power to reduce the risks of post-closing liability. Some strategies include:
- Full disclosure. Be thorough in describing all known defects in the proper written forms.
- Professional inspections. Look for unknown and hidden problems before selling your property.
- Clear contract language. Make sure the real estate contract contains clear and fair language about your responsibilities and any ongoing warranties.
- Legal advice. Consult a competent attorney to understand your legal obligations and protections.
Even though these steps can be expensive and time-consuming, they cannot eliminate the risk of liability long after closing.
As-Is Sales: A Simple Solution
The most secure method of avoiding these pitfalls is through an as-is sale. That means a buyer accepts the property in its current condition, waiving contractual clauses and legal claims like those described above.
Chose Simply Sold for a Fast, Stress-Free Cash As-Is Sale
How long are you liable after selling a house? Control the risk of the seller’s legal liability with a fast cash sale to Simply Sold. With our home selling process, we’ll buy your home as-is, waiving all real estate disclosure obligations and property defect accountability claims.
Call Simply Sold today at (866) 408-4952 to learn more about how fast and stress-free obtaining a fair cash offer and a quick closing at your convenience can be.
About the Author: jecelyn
