Home Sale Law in Alabama
Buying or selling a home is one of the most critical decisions that most people make in their lifetime. It also involves some very complex legal and financial issues.
While it's possible in Tuscaloosa, 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.
Many individuals, families, and small businesses rely on real estate brokers to find property for them. Real estate brokers are professionals who assist as middlemen or women between the buyers and sellers of real estate.
Tuscaloosa, Alabama real estate brokers are normally paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Tuscaloosa, Alabama
First if all, if the buyer asks any question about the condition of the real estate, the seller is absolutely obligated to answer it truthfully. If the seller provides any false information about the condition of the property, and the buyer buys it and later finds out, they can sue the seller for any harm caused, and the diminution in the house's value.
In addition to disclosing any material facts the buyer directly inquires about, most "latent defects" in a house or other piece of property should be disclosed whether the buyer asks or not. Typically, any defect that the seller knows about and that the buyer can't be expected to know through a reasonable inspection, it has to be disclosed.
As a buyer, you should be aware that you have some commitments in this area, too. Buyers are expected to be diligent. Failure to do so might prevent the buyer from recovering in a lawsuit.
Typically, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers normally can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Tuscaloosa, Alabama Real Estate Attorney help?
If you're in the process of purchasing a Tuscaloosa, Alabama home, the advice of an accomplished real estate attorney can make the process much easier, and help ensure that no surprises come up. This will give you the peace of mind to actually enjoy your new home, rather than worry about it.