Real Estate Newsletters
Generally, a seller has a duty to disclose known material defects and to provide a good faith answer to questions about other defects. When preparing the residential real estate contract, the broker may insert a clause, stating that the buyer agrees to purchase the property "as is."
Many properties, particularly residential properties, have boundary fences on at least one side. Generally speaking, the neighbor who erects the fence has the responsibility for maintenance; however, if an adjoining neighbor uses the fence as a boundary fence (perhaps, by erecting fences on all other sides), then the neighbor has some responsibility for the fence, as well. The issue is largely governed by state and local law.
At some point, nearly everyone needs the services of a lawyer. A transaction involving the sale or purchase of real estate may well be one of those instances.
Generally, when a grantor transfers land to a grantee, the grantee receives the entire right and title to the property, without limitations. Sometimes, however, the grantor chooses to limit the grantee's right to the use and enjoyment of the land by creating a life estate. A life estate is an estate in land that ends when a named person dies. It is used primarily for estate planning as a device to allow successive ownership of the land.
A entered into an agreement of sale with B wherein A agreed to purchase certain real estate. Among other items in the agreement, B specifically agreed to convey "marketable title" to A. The title inspection ordered by A revealed numerous liens against the real estate, including tax liens and judgment liens.