Home Sale Law in Tennessee
When you are about to buy or sell a home, there are several things that must be considered, not the least of which being the many legal and financial decisions you have to make.
While no Chattanooga, Tennessee law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complex issues that can affect the outcome of a property sale or purchase.
For that reason, it's normally best to buy and sell property through a real estate broker. This is a person who helps a person buy or sell a home. They assist as an intermediary between the buyer and seller, help sellers find buyers, and help prospective buyers. They also handle a great deal of the paperwork and other formalities involved.
In Chattanooga, Tennessee, brokers normally receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Chattanooga, Tennessee
First and foremost, if a buyer asks any question of the seller relating to physical defects in the property, the seller must, under all situations, be as truthful as possible. In this case being "as truthful as possible" means answering such questions to the best of your knowledge, and making reasonable efforts to find the answers if you don't know them. Lying in this case is very bad idea, and will expose you to serious civil penalties
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 directly asks. This will greatly reduce the chances of the seller being held liable for any defects.
Buyers, nonetheless, are not off the hook in this matter. If they ignore defects that they could have quickly discovered, they probably won't be able to recover for them.
Thus, 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 Chattanooga, Tennessee 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 seasoned Chattanooga, Tennessee real estate attorney can help you focus on the positive aspects, and avoid dealing with the most difficult and tedious (but nonetheless necessary) aspects.