Home Sale Law in Colorado
Buying or selling a home is one of the most essential decisions that most people make in their lifetime. It also involves some very complex legal and financial issues.
While no Cherry Hills, Colorado law prohibits people from buying or selling land on their own, this is not always the best idea. There are many intricate 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 help as middlemen or women between the buyers and sellers of real estate.
In Cherry Hills, Colorado, real estate brokers are normally compensated with a percentage of the home's sale price.
Getting a Mortgage in Cherry Hills, 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 cases, 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
Moreover, most defects should be disclosed even if the buyer doesn't directly ask about them. Usually, defects which must be disclosed are those which are known to the seller, and which the buyer cannot be expected to find through a regular inspection.
Buyers, nonetheless, are not off the hook in this matter. If they ignore defects that they could have quickly discovered, they probably won't be able to recover for them.
Consequently, 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 Cherry Hills, 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 reliable Cherry Hills, 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.