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 Elizabethton, Tennessee law prohibits people from buying or selling land on their own, this is not always the best idea. There are many complicated issues that can affect the outcome of a property sale or purchase.
For that reason, it's usually 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 serve 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.
Some Elizabethton, Tennessee real estate brokers charge a flat fee, but most take a relatively small percentage of the sale price of a house they assist a client sell.
Getting a Mortgage in Elizabethton, Tennessee
If the buyer asks a direct question regarding the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very significant form of fraud, and could give rise to significant damages against the seller.
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 directly asks. This will greatly reduce the chances of the seller being held liable for any defects.
Buyers, nonetheless, also have duties in this area. A buyer will not be rewarded for refusing to exercise due diligence.
In general, buyers of real estate have to conduct diligent inspections of property they wish to purchase. A failure to do so might keep the buyer from recovering if they're injured by a defect which they could have discovered.
Can a Elizabethton, Tennessee Real Estate Attorney help?
If you're in the process of purchasing an Elizabethton, Tennessee home, the advice of an experienced real estate attorney can make the process much easier, and help ensure that no surprises come up. This will give you the peace of mind to actually enjoy your new home, rather than worry about it.