Home Sale Law in Kentucky

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 no Franklin, Kentucky law prohibits people from buying or selling land on their own, this is not always the best idea. There are many intricate issues that can affect the outcome of a property sale or purchase.

For that reason, it's typically 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 help 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 Franklin, 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 Franklin, Kentucky

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 substantialt liability.

There are some defects, however, that the seller should disclose whether asked or not. Usually, if the seller knows about any defects that are not readily apparent, he or she should disclose them to the buyer, whether or not the buyer directly asks. This will greatly reduce the chances of the seller being held liable for any defects.

Buyers, nonetheless, are not off the hook in this matter. If they ignore defects that they could have quickly discovered, they probably won't be able to recover for them.

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 Franklin, Kentucky Real Estate Attorney help?

If you're in the process of purchasing a Franklin, Kentucky 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.