You might think that once you’ve sold your house, you’re free to wash your hands of it and head off into the sunset, never to worry about the property again. Many sellers are shocked, however, to learn that they could be liable for defects long after the house has sold.
How long are you liable after selling a house? We buy houses in Richmond, VA, and below, we’ll discuss a few scenarios in which you could be liable after selling your house.
What’s the Liability Period After Selling a House?
Depending on your state and the house’s defect, you could be liable for the problem for up to five years. If the buyer discovers a defect that you didn’t disclose, like a crumbling foundation or massive plumbing problems, you might be on the hook for the repairs. Ouch!
Let’s cover a few liability scenarios:
- Disclosure obligations: Sellers have a responsibility to disclose all known problems with a house before handing the buyer the keys. If a buyer discovers a hidden problem later, they could take legal action against you.
- Contract terms: If you signed a contract extending your liability, you might have to pony up for repairs long after the sale has completed.
- Statute of limitations: The statute of limitations dictates how long home buyers have to sue sellers for undisclosed latent defects.
- Breach of warranty: You might be on the hook for defects if you provided a buyer protection warranty or guarantee that the property was problem-free.
How Can You Minimize Your Liability?
How long are you liable after selling a house? You might be liable for up to five years or more. To minimize liability:
- Provide full disclosure about any known problems with the house. The buyer can then either accept the house as-is, ask you to make repairs, or walk away.
- Offer a pre-sale inspection to put buyers’ minds at ease. If the inspection reveals problems, you can fix them or offer the house as-is. Either way, you’ve minimized your liability.
- Include a written agreement in your sales contract if you’ve agreed to make any repairs.
Don’t Want To Deal With Repairs? Sell to Us!
If the thought of being liable for defects years after selling has you breaking out in a cold sweat, why not sell your house to The Red Door Guys? We buy houses in any condition, so it doesn’t matter if your property needs expensive repairs.
You don’t have to lift a finger when you sell to us. Just request an offer and you’ll have cash in hand for your house ASAP.
We Make the House Selling Process Easy
How long are you liable after selling a house? You could be liable for years when selling the traditional way. If you don’t want that dangling sword hanging over your head, sell to The Red Door Guys instead. Whether you want to sell an inherited house or are sick of renting to tenants, we’re happy to work with you.
Call (804) 395-7355 to get a cash offer for your house now.
