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 Mount Sterling, Kentucky law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complex issues that can affect the outcome of a property sale or purchase.

For that reason, it's normally 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 assist 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.

In Mount Sterling, Kentucky, most real estate brokers are paid a commission, represented by a part of the sale price of the home. Some might charge a flat fee, however.

Getting a Mortgage in Mount Sterling, 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 considerablet liability.

In addition to disclosing any material facts the buyer directly inquires about, most "latent defects" in a house or other piece of property should be disclosed whether the buyer asks or not. Typically, any defect that the seller knows about and that the buyer can't be expected to know through a reasonable inspection, it has to be disclosed.

Of course, buyers are also expected to conduct due diligence. In a case for nondisclosure, courts won't reward a lack of diligence.

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 Mount Sterling, Kentucky 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 seasoned Mount Sterling, Kentucky real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.