Home Sale Law in Minnesota
The decision to buy or sell a house, or other piece of real property, is very important. For most, it's one of the most crucial financial decisions of their life.
In Woodbury, 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 Woodbury, Minnesota, brokers normally receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Woodbury, 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 situations, 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
Additionally, most defects should be disclosed even if the buyer doesn't directly ask about them. Typically, 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.
Buyers should remember, however, that if they are not blameless in their failure to discover defects, they might not be able to recover if they sue.
Thus, 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 Woodbury, Minnesota Real Estate Attorney help?
Buying a house can be an exciting, but difficult, 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 brilliant Woodbury, Minnesota real estate attorney can enable this.