Home Sale Law in Missouri
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 Kirksville, Missouri, 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.
Many individuals, families, and small businesses rely on real estate brokers to find property for them. Real estate brokers are professionals who assist as middlemen or women between the buyers and sellers of real estate.
In Kirksville, Missouri, brokers normally receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Kirksville, Missouri
First if all, if the buyer asks any question about the condition of the real estate, the seller is absolutely required 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.
Most considerable defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to discover it through a normal inspection, the seller must disclose it.
Buyers, however, also have duties in this area. A buyer will not be rewarded for failing to exercise due diligence.
In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might prevent the buyer from recovering if they're injured by a defect which they could have discovered.
Can a Kirksville, Missouri 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 brilliant Kirksville, Missouri real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.