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Buying or Selling a Home


Buying or Selling a House

Last Updated August 4, 2008
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; and
  • Who pays any special assessments.
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Types of Deeds

Last Updated August 4, 2008
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.

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Disclosures Required from Sellers

Last Updated August 5, 2008
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 If a seller fails to provide these disclosures, he may be held liable for the defects, and the sale could be rescinded.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.

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Buying or Selling a Home - Selected State Laws

AlaskaAlaska Statutes Chapter 34.70 - Disclosures In Residential Real Property Transfers
Alaska Statutes Chapter 34.80 - Escrow Transactions For Residential Real Property
IdahoIdaho Code Title 55 > Chapter 25 - Property Condition Disclosure Act
LouisianaLouisiana Revised Statutes > Title 9 > Chapter 8 - Residential Property Disclosure
MichiganMichigan Laws > Chapter 445 > Act 6 of 2008 - Owner Built Residence Transfer Act
New YorkNew York Laws - General Business > Article 36-C - Down Payments In the Purchase and Sale of Residential Real Estate
New York Laws - Real Property > Article 14 - Property Condition Disclosure In the Sale of Residential Real Property
New YorkNew York Laws > General Business > Article 36-C - Down Payments In The Purchase And Sale Of Residential Real Estate
New York Laws > Real Property > Article 14 - Property Condition Disclosure In The Sale Of Residential Real Property
North CarolinaNorth Carolina General Statutes > Chapter 47E - Residential Property Disclosure Act
Rhode IslandRhode Island General Laws > Chapter 5-20.8. Real Estate Sales Disclosures
South CarolinaSouth Carolina Code > Title 27 > Chapter 50 - The Residential Property Condition Disclosure Act
South DakotaSouth Dakota Laws > Title 43 > Chapter 26 - Real Estate Sale Contracts
VirginiaVirginia Code Title 55 > Chapter 27 - Virginia Residential Property Disclosure Act
WisconsinWisconsin Statutes Chapter 709 - Disclosures by owners of residential real estate

 

Questions & Answers: Buying or Selling a Home

hello I go to marian and have a ? is this report legally required to show a seller or buyer????...
I bought a HUD home. Asset Management company was provided with an obsolete femma flood map is is incorrect, by the HUD approved Appraiser.. For 6 years maps has shown home is i...
Q: if louisiana real estate agent has sign posted in front of private home for sale but is no longer listing the property, then if there is injury on the property or damage done fr...
I am trying to purchase a home from covanent properties which the house is a forclosure and owned by VA bank. I made and offer on a house and put $500 down toward earnest money and...
im buying a home in Nebraska an signed a legal paper at lawyer office but was not told that dad died in the home the home is in Nebraska , Ican I get out of the contract , we signe...
 
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