Top Ten – Legal Mistakes Home Sellers Make
- Accepting the buyer with the highest offer without regard to the other contractual terms.
- Not properly handling multiple offer situations with multiple buyers.
- Not properly handling backup offers.
- Entering into an agreement with no earnest money deposit from the buyer, or a very small amount.
- Entering into an agreement before verifying the buyer’s financial ability to close escrow.
- Not providing the buyer with legal required disclosures.
- Not disclosing known material fact affecting the value or desirability of the property.
- Not obtaining the buyer’s written acknowledgement of disclosures.
- Not considering whether to require the buyer to remove contingencies.
- Not excluding items from the sale that the seller wants to keep.