Home Sale Law in Pennsylvania
When you are about to buy or sell a home, there are various things that must be considered, not the least of which being the many legal and financial decisions you have to make.
While there are no laws in Downingtown, Pennsylvania against persons buying or selling real estate on their own, this is rarely the ideal way to go, given the many legal issues surrounding the sale of property.
Therefore, 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 procedure much easier, helping deal with the tedious details and formalities.
In Downingtown, Pennsylvania, most real estate brokers are paid a commission, represented by a part of the sale price of the home. Some might charge a flat fee, however.
Getting a Mortgage in Downingtown, Pennsylvania
Any direct questions asked of the seller by the buyer must be answered truthfully. This is particularly 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 significant 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.
In addition to disclosing any material facts the buyer directly inquires about, most "latent defects" in a house or other piece of property should be disclosed whether the buyer asks or not. Generally, any defect that the seller knows about and that the buyer can't be expected to know through a reasonable inspection, it has to be disclosed.
As a buyer, you should be aware that you have some commitments in this area, too. Buyers are expected to be diligent. Failure to do so might prevent the buyer from recovering in a lawsuit.
Generally, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers usually can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Downingtown, Pennsylvania Real Estate Attorney help?
Buying a house can be an exciting, but challenging, 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 reputable Downingtown, Pennsylvania real estate attorney can enable this.