Home Sale Law in Michigan
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.
Because of the complexity of these issues, most persons in Clintonship, 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 Clintonship, Michigan, 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 Clintonship, Michigan
If the buyer asks a direct question regarding the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very significant form of fraud, and could give rise to significant damages against the seller.
Moreover, most defects should be disclosed even if the buyer doesn't directly ask about them. Usually, 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.
As a buyer, you should be aware that you have some commitments in this area, too. Buyers are expected to be diligent. Failure to do so might prevent the buyer from recovering in a lawsuit.
Usually, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers typically can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Clintonship, Michigan Real Estate Attorney help?
Buying a house can be an exciting, but challenging, experience. Most home buyers want to focus on the positive aspects that come with home-ownership, and ignore the tedious paperwork and legal issues. A reliable Clintonship, Michigan real estate attorney can enable this.