Home Sale Law in Wisconsin
If you are in the process of buying or selling a home, you're likely 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 Manitowoc, Wisconsin against persons buying or selling real estate on their own, this is rarely the ideal 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 help as middlemen or women between the buyers and sellers of real estate.
Manitowoc, Wisconsin real estate brokers are typically paid by taking a pre-determined portion of the house's sale price.
Getting a Mortgage in Manitowoc, Wisconsin
First and foremost, if a buyer asks any question of the seller relating to physical defects in the property, the seller must, under all cases, 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
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.
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.
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 Manitowoc, Wisconsin Real Estate Attorney help?
If you are buying a home in Manitowoc, Wisconsin, there are probably things you want to focus on other than paperwork and required inspections, such as the process of moving in, checking out schools, etc. A reliable real estate attorney can make it much easier to focus on the aspects of home ownership that matter to you.