Selling a house, or any type of Surrey real estate, to a family member is no different than selling real estate to anyone else. Sure, you know the buyer very well if you are selling to family, but that does not mean that protocols should not be observed and enforced.
If you are wondering the answer to the question, “How should I sell my house to a family member?,” treat your family member like any other buyer for a streamlined and seamless house-selling process.
Hire a Real Estate Agent that Specializes in Surrey Real Estate
If you are not a real estate agent yourself, or you are not very familiar with the process of selling your house, it makes good financial sense to hire a real estate agent, no matter who your buyer is.
Real estate agents make sure that every facet of the house selling process is completed accurately and within good timing. Not hiring an agent (they work on commission, which is great!) will leave you in a position where you could be facing the legal and tax implications of selling your house for years to come.
If you have never hired a real estate agent before, and you are unsure of whether an agent will be beneficial when selling your house to a family member, consider agents to be like referees in a soccer game. They may not seem that important at first for a soccer game, but if you want the game to be completed correctly, a good referee makes all the difference.
Consult With a Real Estate Lawyer Before Selling Surrey Real Estate
Sometimes, people sell their homes to family members in an effort to avoid the tax implications of selling a house. Big mistake. The homeowners who do this are almost always caught and forced to pay back-taxes they owe.
Even if your intentions are pure, consulting with a real estate lawyer will ensure that your house-selling process is completed correctly. Being compliant with the tax code, and real estate law, is very important for an asset like a home, which can be valued in the millions.
What You Should Take Away from This Article
Even though you may be very close with your family member, treat them like any other buyer during the house selling process. Doing so will protect both of you, even if it is a little inconvenient to have to do so. Do everything that a homeowner normally does when selling a house, and consider hiring a real estate agent, as well as consulting with a real estate lawyer, in order to sell your house correctly, the first time.
We get it. Selling homes is hard. Selling homes to family members can be harder, if you let it. Treat your family members like any other client in any other business transaction. They may be family, but the same rules apply.