Home Sale Law in Michigan

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.

Because of the complexity of these issues, most individuals in Alpena, Michigan don't opt to sell real estate themselves, even though there are no laws barring them from doing so.

Therefore, many people decide to go through a real estate broker when they're buying or selling a house. A real estate broker is a professional who serves as an intermediary between buyers and sellers. They can make the procedure much easier, helping deal with the tedious details and formalities.

In Alpena, Michigan, brokers normally receive compensation in the form of a percentage of the sale price of the home.

Getting a Mortgage in Alpena, Michigan

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 should remember, nonetheless, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.

In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might keep the buyer from recovering if they're injured by a defect which they could have discovered.

Can a Alpena, Michigan 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 Alpena, Michigan real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.