Introduction
Most of the people who buy properties in US are not aware of some basic laws that are related to property buying. These laws are designed in a manner so that buyer’s choice is based on his/her needs and requirements. Here, Wade Kricken has mentioned 3 such laws which will help you in knowing more about these rules and regulations.
Law #1: Duty to disclose
The duty to disclose is a legal obligation and a practice that has evolved from the common law principle of caveat emptor, or “buyer beware.” According to this principle, it is up to the buyer (and not the seller) to ask questions about any defects in property that might make it less desirable.
However, due diligence must be done before entering into an agreement with your real estate agent or real estate broker and should include but not limited to:
- Identifying all potential factors that could affect price, including any local zoning changes;
- Making sure you take advantage of available financing options;
- Reviewing credit reports and scores;
Law #2: Owner’s occupancy
The second law you should know is that an owner cannot live in the property. The laws of this country state the owner can not live in the property, nor can they rent it out for commercial purposes.
Law #3: The use of property
- The property laws of the United States have been designed in a manner that they provide the home buyers with the choice of making decisions.
- The buyer’s choice mainly depends on the information they have, therefore it is important that they are provided with accurate and complete information.
The property laws have been designed in a manner that they provide the home buyers with the choice of making decisions. Since the buyer’s choice mainly depends on the information they have, it is important that they are provided with the accurate and complete information.
The property laws have been designed in a manner that they provide the home buyers with the choice of making decisions. Since the buyer’s choice mainly depends on the information they have, it is important that they are provided with the accurate and complete information. The government has been trying to make the process of buying a home easy and transparent because it understands that this is an important part of people’s lives and they should be able to get all the necessary information regarding it easily.
There are many things that can either help or hurt you when you buy your first house. It is important that you know about these before making any big decisions:
Conclusion
The property laws are created in a manner that they protect both the property owner as well as the buyer. It is important to remember these laws to ensure that you can make an informed decision before buying a house.
