Real Estate Sale Agreements - Madison Purchase Attorneys
Pitfalls When Selling Your Home in Madison, AL
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 Madison, Alabama for individuals to buy or sell property on their own, this is not the only (or necessarily best) option. There are many complicated 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 Madison, Alabama, most real estate brokers are paid a commission, represented by a portion of the sale price of the home. Some might charge a flat fee, however.
Required Disclosures Concerning Property and Real Estate Sale Agreements in Madison, Alabama
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.
There are some defects which should be disclosed whether asked or not. Any defect which the seller is aware of, and the buyer can't be reasonably expected to discover before buying the house, must be disclosed.
Buyers should remember, however, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.
In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might prevent the buyer from recovering if they're injured by a defect which they could have discovered.
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Can a Madison, Alabama Real Estate Attorney help with Real Estate Sale Agreements?
If you are buying a home in Madison, Alabama, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A brilliant real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.