The key to a successful property buying or selling transaction is having a clear understanding of the real estate laws that govern the industry. This is why it’s important to become familiar with the various regulations that have the potential to impact your deal. The attorneys at Penoyar Law Offices in South Bend, WA, can provide you with all the information you need to move confidently through your purchase or sale. Their legal background spans more than 100 years combined, making them the most qualified resource to help you reach your real estate goals. Below, they go over a few essential laws to be aware of when buying or selling a house.
Real Estate Laws Important to the Home Buying & Selling Processes
1. Washington Seller Disclosure Requirements
Under Washington real estate law, residential home sellers are obligated to disclose specific details about the property they are trying to sell. This statement must be provided in writing using a standard form that is to be delivered within five business days of signing the purchase agreement. The document covers a wide variety of topics, some of which include the title, water source, sewage system, systems and fixtures, structural problems, and environmental issues.
2. Home Inspection Provision
The home inspection provision that is added into the majority of sale contracts is designed to protect buyers from making a poor investment. It gives them a few different options in the event an inspection reveals serious problems with the property. They may choose to walk away from the deal without repercussions, renegotiate the selling price, or ask the seller to make the necessary repairs.
3. Zoning Laws
It’s common for homebuyers to believe once they own a property, they are free to do what they please with it. In reality, state and local zoning laws often regulate how it can be used. This can affect proposed home renovation and addition projects and the use of a residence for businesses purposes.
4. Title Search & Insurance Implications
Title searches are conducted for the benefit of a homebuyer. They provide the opportunity to learn of any previous legal issues a property had. These problems could become the responsibility of the buyer after the transfer. Purchasing title insurance will help buyers avoid liability should any liens or other issues come up in the future.
Buying or selling a home is likely to be one of the biggest financial transactions you ever participate in, which makes it important to seek expert legal advice. An attorney from Penoyar Law Offices will make sure you’re in accordance with all real estate laws to prevent costly mistakes that could delay or dismantle the deal. They will explain your rights and obligations, as well as advocate on your behalf in the event of a dispute. Contact the law office at (360) 875-5321, or visit their website to learn more.