Home for Sale Laws
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What Does “Home for Sale” Mean?
“Home for sale” generally implies that a homeowner is selling the place where they live at. This may have different implications than the sale of a brand new home, being placed on the market by a development company (these are sometimes marked, “new homes”).
For instance, when putting their home on the market, the seller has certain obligations towards potential buyers. They may also be working with another party such as a real estate broker, which can change the way that the negotiations are run. Generally speaking, home for sale laws aim to protect the rights of both the seller and the buyer during the sales transaction.
What are Some Laws Governing Home Sales?
Home sales are subject to various laws and regulations. Some legal issues to consider in any home sales may include:
- Writing requirement- Home sales contracts generally need to be in writing. They should be signed by all parties involved, and should conform to local and state laws.
- Broker agreements- If the seller is working with a broker, they need to work out an agreement contract stating sales terms, broker fees, and other matters.
- Appraisals- Disputes over the value of the home can avoided by hiring a professional appraiser to determine the price.
- Loan qualifications- Home loans are generally a main focus of many real estate lawsuits. You may wish to check the loan qualification requirements in your area
- Disclosures- The seller of a home is only required to make disclosures of defects up to a certain, reasonable point. In many jurisidictions, it’s up to the buyer to determine whether or not the home has any dangerous conditions or defects
There are many other types of real estate laws that may be applicable in a home for sale situation. These can vary depending on the type of property being sold (i.e., condo vs. a home or town house). They can also vary depending on each individual state and even within certain zoning boundaries. Thus, it’s important to consult with a professional if you are planning on putting up a home for sale.
What if I Need to File a Lawsuit in Connection With a Home Sale?
Lawsuits over the sale of a home can be based on a number of different legal issues. For instance, there may be a dispute regarding the terms in the sales contract. Or, one party may be filing for damages based on the failure to receive title to the property.
Real estate lawsuits will likely focus on the written documents that were used in the sales transaction. Thus, it’s important to understand the terms of any forms or legal papers that you will be required to sign during the sales process. If a violation is found, the court will typically issue a damages award to reimburse the non-violating party for their economic losses.
Do I Need a Lawyer for Help With a Home Sale?
Putting up your home for sale involves many different steps and requirements. If you need assistance with selling your home, it’s in your best interests to protect your rights by hiring a lawyer. Your attorney can help you with the many documents and forms that will be required for completing the sale. Also, if you need to file a legal claim in court, your attorney can provide you with legal information and representation for your case.
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Last Modified: 08-27-2014 04:10 PM PDT
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