Home Sale Law in Mississippi
Buying or selling a house can be an exciting but stressful time in a person's life. It also requires a person to make a large number of potentially life-changing financial and legal decisions.
While there are no laws in Coahoma County, Mississippi against individuals buying or selling real estate on their own, this is rarely the best way to go, given the many legal issues surrounding the sale of property.
Therefore, it's usually a good idea to use a real estate broker for these transactions. A real estate broker is a professional who helps people buy and sell property. They can help buyers find sellers, and vice versa. They can also handle a large percentage of the tedious details.
Some Coahoma County, Mississippi real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they help a client sell.
Getting a Mortgage in Coahoma County, Mississippi
If the buyer asks the seller a question about the physical condition of the home, the seller is legally bound to answer it honestly. If the seller lies when asked a direct question, they have committed a serious form of fraud, and, if sued by the buyer, will incur significantt liability.
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 specifically asks. This will greatly reduce the chances of the seller being held liable for any defects.
Buyers, however, also have duties in this area. A buyer will not be rewarded for failing 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 Coahoma County, Mississippi 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 Coahoma County, Mississippi real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.