ABA Family Legal Guide

Buying and Selling a Home

The Steps of Buying and Selling a Home

The owner of the house Mary wanted to buy was an old acquaintance. Mary gave her a signed piece of paper that said, "I, Mary Jones, agree to buy the property located at 151 Main Street for $150,000 on July 3, 2003. Please indicate your willingness to sell on these terms by signing below." Mary thought her lawyer could fill in the details later, including the fact that she would need to obtain a loan for the purchase, who would pay for closing costs, and that she wanted to be sure the roof didn't leak. Mary didn't realize that once the seller signed the paper it became the entire contract between the parties. Mary had no right to make changes later.

The contract is at the heart of the sale, and deals with the nuts and bolts of transferring the ownership of the home. Your lawyer can help you steer your way through the complex obligations and contingencies in the contract, so that when you go to closing you can be certain that all the details have been covered.

Subsections

1. Selling: Setting a Price for the Property
2. Disclosures
3. Making an Offer: The Purchase Contract
4. Home Inspections
5. Buying in a Multiunit Building or Development
6. The Closing
7. Closing Costs
8. Ownership Options