Home Sale Law in Minnesota
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.
In Bloomington, Minnesota, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. Nonetheless, this isn't the only option, and isn't always the best option, either.
For that reason, it's usually 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 serve 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.
Bloomington, Minnesota real estate brokers are usually paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Bloomington, Minnesota
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.
There are some defects, however, that the seller should disclose whether asked or not. Generally, if the seller knows about any defects that are not readily apparent, he or she should disclose them to the buyer, whether or not the buyer directly asks. This will greatly reduce the chances of the seller being held liable for any defects.
Buyers, nonetheless, also have duties in this area. A buyer will not be rewarded for refusing to exercise due diligence.
Therefore, buyers must inspect the property before they buy it. If they don't, they can't sue for any defects they later become aware of, if an inspection would have revealed those defects.
Can a Bloomington, Minnesota 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 reputable Bloomington, Minnesota real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.