Home Sale Law in Colorado
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 no Arvada, Colorado law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complex issues that can affect the outcome of a property sale or purchase.
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.
In Arvada, Colorado, real estate brokers are usually compensated with a percentage of the home's sale price.
Getting a Mortgage in Arvada, Colorado
First and foremost, if a buyer asks any question of the seller relating to physical defects in the property, the seller must, under all situations, be as truthful as possible. In this case being "as truthful as possible" means answering such questions to the best of your knowledge, and making reasonable efforts to find the answers if you don't know them. Lying in this case is very bad idea, and will expose you to serious civil penalties
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.
Buyers should remember, nonetheless, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.
Thus, buyers must inspect the property before they buy it. If they don't, they can't sue for any defects they later become aware of, if an inspection would have revealed those defects.
Can a Arvada, Colorado Real Estate Attorney help?
As you can imagine, there are many more legal and financial issues that can affect the outcome of a real estate transaction. However, buying a house is also a very exciting time for most people. A seasoned Arvada, Colorado real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.