Home Sale Law in Minnesota
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.
In Lake City, 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 typically 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 help 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.
Some Lake City, Minnesota real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they assist a client sell.
Getting a Mortgage in Lake City, Minnesota
First and foremost, if a buyer asks any question of the seller relating to physical defects in the property, the seller must, under all cases, 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
There are some defects, however, that the seller should disclose whether asked or not. Usually, 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.
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.
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 Lake City, Minnesota Real Estate Attorney help?
If you're in the process of purchasing a Lake City, Minnesota home, the advice of an efficient real estate attorney can make the process much easier, and help ensure that no surprises come up. This will give you the peace of mind to actually enjoy your new home, rather than worry about it.