Home Sale Law in Kentucky
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 no Frankfort, Kentucky law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complicated issues that can affect the outcome of a property sale or purchase.
For that reason, it's usually best to buy and sell property through a real estate broker. This is a person who helps a person buy or sell a home. They serve as an intermediary between the buyer and seller, help sellers find buyers, and help prospective buyers. They also handle a great deal of the paperwork and other formalities involved.
Some Frankfort, Kentucky real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they assist a client sell.
Getting a Mortgage in Frankfort, Kentucky
If the buyer asks a direct question regarding the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very significant form of fraud, and could give rise to significant damages against the seller.
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, nonetheless, also have duties in this area. A buyer will not be rewarded for refusing to exercise due diligence.
Buyers have to conduct reasonably-diligent inspections of land they want to buy. If they refuse to do so, they can't sue for any defects which they could have easily discovered.
Can a Frankfort, Kentucky Real Estate Attorney help?
If you're in the process of purchasing a Frankfort, Kentucky home, the advice of an experienced 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.