Home Sale Law in Arkansas
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 Pea Ridge, Arkansas 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.
Pea Ridge, Arkansas real estate brokers are normally paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Pea Ridge, Arkansas
If the buyer asks a direct question concerning the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very serious form of fraud, and could give rise to significant damages against the seller.
Most considerable 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 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.
Buyers have to conduct reasonably-diligent inspections of land they want to purchase. If they fail to do so, they can't sue for any defects which they could have easily discovered.
Can a Pea Ridge, Arkansas Real Estate Attorney help?
If you're in the process of purchasing a Pea Ridge, Arkansas 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.