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 individuals in Herkimer, New York don't opt to sell real estate themselves, even though there are no laws barring them from doing so.
Therefore, it's normally 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 Herkimer, 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.
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Any direct questions asked of the seller by the buyer must be answered truthfully. This is especially the case if the buyer asks about defects in the property. If the seller lies in response to such questions, they have just committed a very serious form of fraud. If the buyer later discovers this defect (after buying the property) he can sue the seller for any physical or financial harm caused by it.
There are some defects, however, that the seller should disclose whether asked or not. Typically, 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.
As a buyer, you should be aware that you have some obligations in this area, too. Buyers are expected to be diligent. Failure to do so might prevent the buyer from recovering in a lawsuit.
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 Herkimer, New York Real Estate Attorney help?
When buying a house, most people want to focus on the aspects that really matter to them, such as moving in. For that reason, it's highly desirable that the process of buying and selling a house goes as smoothly as possible. To that end, a good Herkimer, New York real estate attorney could be invaluable.