Home Sale Law in Iowa

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.

In Washington, Iowa, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. However, this isn't the only option, and isn't always the best option, either.

Therefore, it's typically a good idea to use a real estate broker for these transactions. A real estate broker is a professional who helps people buy and sell property. They can help buyers find sellers, and vice versa. They can also handle a large percentage of the tedious details.

Some Washington, Iowa real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they help a client sell.

Getting a Mortgage in Washington, Iowa

If the buyer asks the seller a question about the physical condition of the home, the seller is legally bound 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 substantialt liability.

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. Usually, any defect that the seller knows about and that the buyer can't be expected to discover through a reasonable inspection, it has to be disclosed.

Of course, buyers are also expected to conduct due diligence. In a lawsuit for nondisclosure, courts won't reward a lack of diligence.

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 Washington, Iowa Real Estate Attorney help?

If you are buying a home in Washington, Iowa, 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 knowledgeable real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.