Sellers: Are You Safe from Post-Sale Legal Risks?

Real estate transactions are not something to take lightly. The sheer magnitude of property prices establishes these sales as not only high-profit but also high-risk. 

There are many risks associated with the real estate business. While there are risks in both buying and selling properties, the stakes are heightened for sellers. However, many of these harsh realities don’t hit until after the transaction has been finalized. 

Unfortunately, many sellers end up with legal problems after they’ve sold their homes. Even after years have passed, many sellers are still at risk of getting sued — which can come as an unexpected and unwelcome surprise. 

Why does this happen? How can sellers stay protected? In this blog, we’re outlining the problem and providing a much-needed solution to mitigating the risks of selling real estate. Let’s jump in: 

Think You’re Protected? Think Again 

The main culprit of legal problems for home sellers is disclosure documents. 

Sellers who fail to disclose property issues both completely and accurately are subject to legal pursuit. When things go awry after a property sale, buyers are likely to take up legal actions with the seller. In efforts to avoid this, sellers should be as honest and transparent as possible when disclosing property defects and/or issues. 

While this is a great way to try and stay safe, things don’t always go as planned. Even when sellers think they are playing by the rules, that doesn’t mean they’re completely untouchable. 

Surprise! Unknown Issues Create Post-Sale Problems 

We all know that real estate disclosures are based on outlining all of the known property defects for buyers to review. But, what about issues that pass under the radar?

This is where even the most diligent disclosures can cause problems. 

When new owners face property troubles that weren’t mentioned in the disclosure documents, it puts the seller into an uncomfortable situation. Even though the seller wasn’t aware of the issue, it’s possible that they will still be found at fault and subject to legal action. 

Read our recent blog post for a few real-life examples of sellers getting into legal trouble from undetected property defects. 

Sellers’ Solution to Avoiding Future Legal Issues

As we can see, sellers need to do more than just complete a seamless disclosure statement. The best way to cover all of the bases, even unknown ones, is by taking out a Disclosure Protection Plan. 

Glide’s newest feature offers users additional insurance on their real estate sales, helping to mitigate the legal risks for both sellers and agents. In partnership with CRES Insurance Services, the Disclosure Protection Plan offers coverage in the case that unknown (and therefore, undisclosed) or undetected property defects arise after the sale. 

Sellers who have filled out their disclosures as accurately and thoroughly as possible (disclosing all known issues) can rest easy knowing they won’t need to worry about claims for unknown or undisclosed defects after the sale. Sellers who choose to enhance their property disclosure with Glide’s Disclosure Protection Plans will have further protections. 

Thanks to Glide’s Disclosure Protection Plan, real estate transactions have never been safer. 
Want to learn more about this revolutionary insurance coverage? Click here, or visit the Glide website.