Home Sale Law in Maryland
The decision to buy or sell a house, or other piece of real property, is very important. For most, it's one of the most crucial financial decisions of their life.
Because of the complexity of these issues, most persons in Ocean City, Maryland don't opt to sell real estate themselves, even though there are no laws barring them from doing so.
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.
Ocean City, Maryland real estate brokers are typically paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Ocean City, Maryland
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
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. Usually, any defect that the seller knows about and that the buyer can't be expected to discover through a reasonable inspection, it has to be disclosed.
Buyers should remember, however, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.
Buyers have to conduct reasonably-diligent inspections of land they want to purchase. If they fail to do so, they can't sue for any defects which they could have easily discovered.
Can a Ocean City, Maryland Real Estate Attorney help?
If you're in the process of purchasing an Ocean City, Maryland 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.