Home Sale Law in Indiana
The decision to buy or sell a house, or other piece of real property, is very critical. For most, it's one of the most crucial financial decisions of their life.
While there are no laws in Huntington, Indiana against persons buying or selling real estate on their own, this is rarely the ideal way to go, given the many legal issues surrounding the sale of property.
Many individuals, families, and small businesses rely on real estate brokers to find property for them. Real estate brokers are professionals who serve as middlemen or women between the buyers and sellers of real estate.
In Huntington, Indiana, brokers usually receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Huntington, Indiana
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.
Of course, buyers are also expected to conduct due diligence. In a case for nondisclosure, courts won't reward a lack of diligence.
In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might keep the buyer from recovering if they're injured by a defect which they could have discovered.
Can a Huntington, Indiana 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 reputable Huntington, Indiana real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.