You've decided it's time to sell your home and start a new phase in your life and there's a lot you need to know. Selling a home in Kansas can be one of the most important transactions you'll have to make. It's important to have some knowledge of real estate law in Kansas.
In Kansas, a real estate agent can act as a seller's, buyer's or transactional agent, meaning one who assists both the seller and buyer in completing a property sale, but does not represent either party. Real estate agents have what's called a fiduciary duty or legal responsibility to the party they represent, in this case, you the seller. These include advising you to obtain legal advice from a real estate attorney, disclosing any negative material facts about a potential buyer and being responsible for all monies received.
Property disclosure forms are not provides by the Kansas Real Estate Commission but it is recommended that that you still use these forms to disclose any known problems. These defects can include heating and plumbing, water damage, termite infestations, or problems with your title to the property. It's a good idea to check the real estate law in Kansas to avoid possible future problems when it comes to disclosure.
Your real estate attorney can investigate the property title to see if there are any problems and check for possible liens. In Kansas, liens on property can include mortgages, unpaid taxes and judgments. In Kansas you may be required to pay at least a portion of the closing costs at the time you sign the documents to transfer your home. These can include the broker's commission, attorney's fees, recorded release of mortgage and home inspection fees. Of course these fees may vary depending on how you negotiate the closing costs with the buyer.
According to the real estate law in Kansas, as a seller, if you agree to sell your home you must follow through with the transaction unless the buyer in some way fails to meet the terms of the agreement. This is called specific performance, which requires you to follow through with the sale. In fact a court can order you complete the sale and the buyer must then deliver the purchase price and you will be legally bound to relinquish the deed. This is an important issue that you need to understand before committing to a sale of your home.