Home Sale Law in Minnesota
The decision to buy or sell a house, or other piece of real property, is very crucial. For most, it's one of the most crucial financial decisions of their life.
In Rochester, Minnesota, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. However, this isn't the only option, and isn't always the best option, either.
Accordingly, 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 process much easier, helping deal with the tedious details and formalities.
In Rochester, Minnesota, real estate brokers are typically compensated with a percentage of the home's sale price.
Getting a Mortgage in Rochester, 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 circumstances, 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 which should be disclosed whether asked or not. Any defect which the seller is aware of, and the buyer can't be reasonably expected to discover before buying the house, must be disclosed.
Buyers, however, also have duties in this area. A buyer will not be rewarded for failing to exercise due diligence.
Generally, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers usually can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Rochester, 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 good Rochester, 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.