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Generally, when you purchase a home, you are on the hook for all future repairs. However, exceptions do apply. Do determine the liability, if any at all, of the seller for plumbing problem, for example, courts will look to the purchase agreement for the home, the nature of the problem, whether you had a home inspection, and any specific misrepresentations by the seller.
→ Read MoreSome good ways to find out how livable square feet are measured in your location would be to ask realtors, real estate appraisers, and your municipality’s building department.
→ Read MoreA foreclosure sale takes all liens off a piece of property, whether the lien exists from the mortgage or from a judgment.
→ Read MoreWhat happens between the time my offer to buy property is accepted and when I actually ‘close’ on the property?
→ Read MoreIf both members of the couple signed the real estate contract, then the contract would still be enforceable against the survivor, even after his or her spouse passed away. The house would (in almost all cases) pass to the survivor without having to go through probate since real estate is normally owned by married couples as a joint tenancy with right of survivorship—so when one passes, the other instantly, by law, gets the home. If, however, only one of the couple had actually signed the contract, then it’s not clear that it could be enforced against the survivor—contracts are only enforceable against those who are parties or signatories to them.
→ Read MoreFrom a contractual point of view, a buyer’s agent could bypass the seller’s agent and approach the seller directly, such as to present an offer that the seller’s agent has refused to pass on. And since there are no laws requiring a third party, like a prospective buyer, to go through the seller’s agent rather than directly to the seller, this is a viable and perfectly legal tactic.
→ Read MoreWhat is recording title all about?
→ Read MoreNormally the most important provision in a real estate contract for the home buyer (as well as the seller) is the selling price of the property. The contract should also include a standard clause that enables the buyer to have an inspection made of the property within a certain period of time by third parties, to make sure there are no hidden problems affecting the integrity of the home. Another important provision is a loan contingency clause (purchase is conditioned on the buyer getting financing) to buy the property.
→ Read MoreRepairs to a home can cost thousands of dollars and environmental hazards like mold, lead paint, or formaldehyde can cause serious health problems. You want to make sure you know what you’re getting before you spend thousands on a down payment and go into
→ Read MoreIn order to protect buyers and sellers, a number of different clauses are usually included in an offer to purchase or in a purchase/sale agreement for residential real estate. These clauses are called contingencies. Most contingencies in residential real estate transactions are in place to protect buyers.
→ Read MoreFind the right lawyer for your legal issue.
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