Real Estate Sale Agreements - Ketchikan Purchase Attorneys
Pitfalls When Selling Your Home in Ketchikan, AK
Buying or selling a home is one of the most important decisions that most people make in their lifetime. It also involves some very complex legal and financial issues.
While it's possible in Ketchikan, Alaska for individuals to buy or sell property on their own, this is not the only (or necessarily best) option. There are many complex legal and financial issues involved, so the assistance of a professional is advisable.
Accordingly, many people decide to go through a real estate broker when they're buying or selling a house. A real estate broker is a professional who serves as an intermediary between buyers and sellers. They can make the process much easier, helping deal with the tedious details and formalities.
In Ketchikan, Alaska, real estate brokers are typically compensated with a percentage of the home's sale price.
Required Disclosures Concerning Property and Real Estate Sale Agreements in Ketchikan, Alaska
Any direct questions asked of the seller by the buyer must be answered truthfully. This is especially the case if the buyer asks about defects in the property. If the seller lies in response to such questions, they have just committed a very serious form of fraud. If the buyer later discovers this defect (after buying the property) he can sue the seller for any physical or financial harm caused by it.
Most significant defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to discover it through a normal inspection, the seller must disclose it.
Buyers, however, are not off the hook in this matter. If they ignore defects that they could have easily discovered, they probably won't be able to recover for them.
Accordingly, if a buyer fails to conduct a reasonable expectation of the property, he or she cannot recover for any harm caused by defects that such an inspection would have revealed.
Find a Ketchikan Lawyer that Specializes in Your Area of Need:
Can a Ketchikan, Alaska Real Estate Attorney help with Real Estate Sale Agreements?
When buying a house, most people want to focus on the aspects that actually matter to them, such as moving in. For that reason, it's highly desirable that the process of buying and selling a house goes as smoothly as possible. To that end, a good Ketchikan, Alaska real estate attorney could be invaluable.