Home Sale Law in New York

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.

Because of the complexity of these issues, most people in Grand Island, New York don't opt to sell real estate themselves, even though there are no laws barring them from doing so.

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.

In Grand Island, New York, most real estate brokers are paid a commission, represented by a portion of the sale price of the home. Some might charge a flat fee, however.

Getting a Mortgage in Grand Island, New York

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, are not off the hook in this matter. If they ignore defects that they could have easily discovered, they probably won't be able to recover for them.

Buyers have to conduct reasonably-diligent inspections of land they want to purchase. If they fail to do so, they can't sue for any defects which they could have easily discovered.

Can a Grand Island, New York Real Estate Attorney help?

If you are buying a home in Grand Island, New York, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A good real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.