Few Misconceptions About Real Estate Law Resolved

• 2 Jan 2019
• Uncategorized

Real estate, just like other deals and transactions, are bound by laws. There are laws related to sellers and buyers. Then there are clauses that are written according to the law of that particular locality, state or region.

To spill out or keep the mouth shut?

There was a time when purchasing a house included a set of limited activities such as an open house visit, verbal negotiation with the seller and finally buying it after signing a few obvious documents. All that the seller did was show the house without revealing what worked in the house, what did not, what the house was hiding behind the walls and much else. Did the house experience flooding? Is radon gas seeping from the basement? Did someone die in the property in the past? These were the questions left to the imagination of the buyers.

Today, however, every state has passed a law that makes it mandatory for the home sellers to disclose all known facts – good or bad – about the house they are selling. And the mood of the court when it comes to this disclosure is always in favor of the buyer. In essence, a home seller should let the buyer know about everything that he or she should know. They are required to be honest about the things that took place in the house, its condition, features, drawbacks and so on.

To lawyer up or do it yourself?

If you have a real estate agent and has experience selling or buying the house, you might decide to get by without a lawyer. But if you are into real estate transaction yourself, you will definitely need a professional like Queens real estate lawyer. Why? For multiple reasons, such as draw up the sales contract, help with clauses and help in legal things that the agent is not qualified to handle.

For instance, if there arise a situation where the buyer or seller cries foul after documents have been signed and you have no room to act upon it on time, you may need to approach a lawyer. Similarly, if you decide not to hire a lawyer due to cost, just hiring him or her for supervising the sale contract will suffice. A lawyer’s fee in such a case is not that much when you consider the amount you will gain from a successful sale of the property. Additionally, a professional lawyer like Queens real estate lawyer will ensure that the paperwork is up-to-date and according to local and state laws.