Buying or Selling a Home
Laws and legal information about buying or selling a home
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Buying or Selling a House
When buying a house, there are a number of key legal issues that must be considered. Some of the issues a buyer should determine are: Whether the purchase is contingent on matters such as the buyer obtaining acceptable financing and/or selling a home that the buyer currently owns;What items are included in the sale of the home, such as fixtures;What inspections are required and who pays for them;Who pays for the title exam, title abstract, and title insurance;Whether utilities have been installed and paid for;Whether there are any easements or restrictions on the use of the property;Whether a surveyor should be used and who pays for the surveyor's services;If a loan from the seller is involved, who will pay the closing costs on the loan;Who are the parties that must sign the purchase contract;Whether a broker is involved and who pays the broker's fee;What are the remedies if the buyer or seller defaults;Who pays taxes;…
Types of Deeds
Property deeds are legal instruments used to transfer title of real estate from one person to another. A deed has the names of the seller and buyer and a legal description of the property. There are certain words used in a deed that signify the transfer of property, such as transfer, grant, convey, and assign. All these words indicate that a seller is transferring title to the buyer. There are the common types of deeds: general warranty deed, special warranty deed, and quitclaim deed. Other jurisdictions may have other types of deeds, such as a grant deed, tax deed, deed-in-lieu of foreclosure, and trust deed. Read more
Disclosures Required from Sellers
When selling a house, there are requirements upon the seller to disclose various defects of a home or encumbrances upon the property. If a seller fails to provide these disclosures, he may be held liable for the defects, and the sale could be rescinded. The degree of disclosure a seller must provide to a buyer of real estate depends upon the jurisdiction in which the property is located. While some states require a state-mandated disclosure form be used, others do not. It is recommended that at a minimum the disclosures be made in writing and that the buyer signs and acknowledges the disclosures. Read more