Home Sale Law in Indiana
The decision to buy or sell a house, or other piece of real property, is very crucial. For most, it's one of the most crucial financial decisions of their life.
While there are no laws in Ligonier, Indiana against individuals buying or selling real estate on their own, this is rarely the best 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 help as middlemen or women between the buyers and sellers of real estate.
In Ligonier, Indiana, brokers typically receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Ligonier, Indiana
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
There are some defects which should be disclosed whether asked or not. Any defect which the seller is aware of, and the buyer can't be reasonably expected to discover before buying the house, must 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 Ligonier, Indiana Real Estate Attorney help?
Buying a house can be an exciting, but difficult, experience. Most home buyers want to focus on the positive aspects that come with home-ownership, and ignore the tedious paperwork and legal issues. A knowledgeable Ligonier, Indiana real estate attorney can enable this.