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 people in Northville, Michigan don't opt to sell real estate themselves, even though there are no laws barring them from doing so.
One good way to help a real estate sale or purchase go smoothly is to hire a real estate broker. These professionals can help you find the right house within your budget, or help you find suitable buyers for a house you're selling.
Northville, Michigan real estate brokers are usually paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Northville, Michigan
First if all, if the buyer asks any question about the condition of the real estate, the seller is absolutely obligated to answer it truthfully. If the seller provides any false information about the condition of the property, and the buyer buys it and later finds out, they can sue the seller for any harm caused, and the diminution in the house's value.
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. Generally, 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.
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.
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 Northville, Michigan Real Estate Attorney help?
When buying a house, most individuals want to focus on the aspects that actually matter to them, such as moving in. For that reason, it's highly desirable that the process of buying and selling a house goes as smoothly as possible. To that end, a good Northville, Michigan real estate attorney could be invaluable.