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 Soddy Daisy, 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.
In Soddy Daisy, Tennessee, 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 Soddy Daisy, Tennessee
If the buyer asks the seller a question about the physical condition of the home, the seller is legally required 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.
Furthermore, most defects should be disclosed even if the buyer doesn't directly ask about them. Generally, defects which must be disclosed are those which are known to the seller, and which the buyer cannot be expected to find through a regular inspection.
Of course, buyers are also expected to conduct due diligence. In a case for nondisclosure, courts won't reward a lack of diligence.
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 Soddy Daisy, Tennessee 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 Soddy Daisy, Tennessee real estate attorney can enable this.