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 individuals in Prince Georges County, 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 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.
Prince Georges County, Maryland real estate brokers are normally paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Prince Georges County, 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 situations, 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
Additionally, most defects should be disclosed even if the buyer doesn't directly ask about them. Typically, defects which must be disclosed are those which are known to the seller, and which the buyer cannot be expected to find through a regular inspection.
Buyers, however, are not off the hook in this matter. If they ignore defects that they could have easily discovered, they probably won't be able to recover for them.
Typically, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers normally can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Prince Georges County, Maryland Real Estate Attorney help?
If you are buying a home in Prince Georges County, Maryland, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A brilliant real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.