Home Sale Law in Indiana
The decision to buy or sell a house, or other piece of real property, is very essential. For most, it's one of the most crucial financial decisions of their life.
While there are no laws in Jeffersonville, 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 Jeffersonville, Indiana, brokers usually receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Jeffersonville, 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.
Most significant defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to know it through a normal inspection, the seller must disclose it.
Buyers should remember, nonetheless, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.
Therefore, if a buyer fails to conduct a reasonable expectation of the property, he or she cannot recover for any harm caused by defects that such an inspection would have revealed.
Can a Jeffersonville, 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 Jeffersonville, 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.