How Long Are You Liable After Selling Your House?
If you’re like most people, you probably imagine that once you’ve sold your home, that’s the end of the process. Any problems that come up are the responsibility of the new homeowner, right? That’s not necessarily true. Instead, you’re liable for quite some time after you sell your home. Just how long are you liable, and what can you do to prevent any potential problems with the sale? This quick guide can help.
How Long Are You Liable After Selling a House?
Given the timeline of how long to sell a house, you might think you wouldn’t be liable for too long after the sale, but that’s just not true. After selling a house, you are legally liable for some problems for up to six years! Knowing how long for a house to sell may be intimidating, but knowing how long you’re liable can be even more terrifying. Are you liable for anything after selling a house? Not anything, but you are liable for anything that was misrepresented to the buyer. If a problem comes up that you didn’t tell a buyer about, under the Misrepresentation Act of 1967, you are legally liable for six years. In some cases, the answer to the question “how long after you sell a house are you liable?” can be three years after the buyer notices the problem, so potentially, for quite some time!
How Can you Reduce Liability?
Fortunately, there’s one key way to reduce your liability after you’ve sold your home – offer as much information as possible. It can be fairly easy to leave the details to the buyer and let them check everything out, but the reality is that you put yourself in a far better position if you disclose what you know about your home, particularly if you do so through the TA6 Seller’s Property Information Form, as that documentation could be key should the buyer decide to take you to court at some point. Make certain you don’t misrepresent any serious problems with your home related to structural issues, dampness, or even disputes with neighbours. If you do, you risk serious costs in compensation that could hit you hard down the line.
If you’re seriously concerned about your ability to sell your home because of potential problems you have to disclose, there are ways to handle it. For example, you could work with a cash buyer who will help you sell your home fast, no matter what condition it’s in. Cash buyers often worry very little about problems like damp or noisy neighbours. Instead, they’re ready to buy and make your house into an investment property, and for you, that means one thing – no matter what you’re forced to disclose about the property, you get almost a guaranteed sale.
Selling your home can be a scary process, especially when you realise you remain liable for the property for quite some time, but we can help. Offering fast cash sales, we’ll move your property off the market as quickly as possible!