Real estate often represents the largest purchase a person will make in their lifetime. As with any large purchase, buyers assume a certain amount of risk in their real estate transactions. It’s the reason any knowledgeable buyer will hire a competent inspector to make sure the home is up to code and problem free.
At the end of the day, those selling and buying homes have to follow through with a leap of faith. In most cases, the end result is a good one. But sometimes, it’s not.
Why We’re Asking:
Cars come with warranties. Stores let you return large appliances. Big purchases often have a safeguard built in, but such deals don’t always exist with houses. We’re curious to find out what happens when a home turns out to be a lemon. More importantly, we are interested in what realtors and real estate lawyers have to say about how home buyers and sellers can protect their investments.
Share your thoughts below:
What Liabilities and Guarantees are there with Real Estate?
If something goes wrong with a house just after purchase, can the seller or realtor be held liable?
Do houses ever come with guarantees and, if so, how are they enforced?
When problems arise, when is it necessary to contact a real estate lawyer?
What role do inspections play with regard to liability?
How should buyers and sellers protect themselves?
We’re excited to see what our realtors and lawyers have to say about defending against rotten real estate transactions.
Please post your answers in the comment field below!