Home Sale Law in Wisconsin
If you are in the process of buying or selling a home, you're probably already aware of the many legal, financial, and other issues that can affect the process and outcome of such a transaction.
While there are no laws in Jefferson, Wisconsin against individuals buying or selling real estate on their own, this is rarely the best way to go, given the many legal issues surrounding the sale of property.
Many individuals, families, and small businesses rely on real estate brokers to find property for them. Real estate brokers are professionals who serve as middlemen or women between the buyers and sellers of real estate.
Jefferson, Wisconsin real estate brokers are usually paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Jefferson, Wisconsin
If the buyer asks a direct question concerning the physical condition of the property, the seller must answer it truthfully. Misrepresenting a material fact in a real estate transaction is a very serious form of fraud, and could give rise to significant damages against the seller.
Most significant defects (those which have any effect on the value or safety of the home) should be disclosed even if the buyer doesn't ask about them. If the seller knows of a defect, and a reasonable buyer wouldn't be able to discover it through a normal inspection, the seller must disclose it.
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.
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 Jefferson, Wisconsin Real Estate Attorney help?
Buying a house can be an exciting, but difficult, 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 good Jefferson, Wisconsin real estate attorney can enable this.