Home Sale Law in Virginia
When you are about to buy or sell a home, there are many things that must be considered, not the least of which being the many legal and financial decisions you have to make.
In Chincoteague, Virginia, it's perfectly legal for individuals to buy and sell homes without the assistance of a third party. However, this isn't the only option, and isn't always the best option, either.
Accordingly, 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 process much easier, helping deal with the tedious details and formalities.
In Chincoteague, Virginia, brokers typically receive compensation in the form of a percentage of the sale price of the home.
Getting a Mortgage in Chincoteague, Virginia
First if all, if the buyer asks any question about the condition of the real estate, the seller is absolutely required to answer it truthfully. If the seller provides any false information about the condition of the property, and the buyer buys it and later finds out, they can sue the seller for any harm caused, and the diminution in the house's value.
Moreover, most defects should be disclosed even if the buyer doesn't directly ask about them. Usually, 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.
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.
Usually, buyers have a duty to conduct a reasonable inspection of the property before buying it. Therefore, buyers typically can't recover for defects that could have been discovered via reasonable inspection, unless the seller actively conceals them.
Can a Chincoteague, Virginia Real Estate Attorney help?
If you're in the process of purchasing a Chincoteague, Virginia home, the advice of an efficient 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.