Home Sale Law in Illinois
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 East Moline, Illinois, 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.
Accordingly, many people decide to go through a real estate broker when they're buying or selling a house. A real estate broker is a professional who serves as an intermediary between buyers and sellers. They can make the process much easier, helping deal with the tedious details and formalities.
Some East Moline, Illinois 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 East Moline, Illinois
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
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.
Buyers, however, also have duties in this area. A buyer will not be rewarded for failing to exercise due diligence.
Usually, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers typically can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a East Moline, Illinois Real Estate Attorney help?
If you're in the process of purchasing an East Moline, Illinois home, the advice of an efficient 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.