Home Sale Law in Delaware
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 Wilmington, Delaware law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complicated issues that can affect the outcome of a property sale or purchase.
One good way to help a real estate sale or purchase go smoothly is to hire a real estate broker. These professionals can help you find the right house within your budget, or help you find suitable buyers for a house you're selling.
In Wilmington, Delaware, brokers usually receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Wilmington, Delaware
If the buyer asks the seller a question about the physical condition of the home, the seller is legally required to answer it honestly. If the seller lies when asked a direct question, they have committed a serious form of fraud, and, if sued by the buyer, will incur significantt liability.
Furthermore, most defects should be disclosed even if the buyer doesn't directly ask about them. Generally, 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.
Generally, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers usually can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Wilmington, Delaware Real Estate Attorney help?
If you are buying a home in Wilmington, Delaware, 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 reputable real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.