As with other states, Montana has a few differences in their real estate laws. While a lot of the basic principles in real estate are the same, there are just minor things that might affect your deals, and you might need to consider these carefully before investing. Here are a few examples of the differences you can expect in Montana.
In other states, it is okay to offer the buyer a rebate on your real estate deal when you are doing business with them. In Montana, they have made this illegal to do so. Whether you agree or not, at this point you can not offer the buyer a rebate when you sell real estate in Montana. They consider it fraud. While not a popular idea, it is one thing to expect.
When you face foreclosure in Montana, unfortunately for the homeowner, there is no right of redemption. Normally you could be given a time frame in which you can take back your home if payment is made, but in Montana this isn't an option. Also, the bank is not give the option to seek additional money if they are unsatisfied with the money they get from the sale of the home. So the bank can't try to get more money out of the homeowner after the foreclosure.
Montana has also been very secure in the real estate market, despite other states downturn in the market. The banks have been holding on strong, and continue to be so at this time. In recent news reports, people have contacted banks in concerns about this, but the banks have assured customers that they hold strong and things are going well.
Some people want to establish a homestead declaration, and this is a legal document that can protect up to $250,000 in value of the home, and it protects against the majority of creditors' claims. It is a protection that can help many homeowners, if the utilize it, though it is not often known about. In some states such protections are not available. The Montana real estate commission has more details about this.
While these laws are a bit different compared to other states, they are still laws for doing real estate in Montana, so they must be abided by. Remember to talk to a real estate lawyer if you have further questions about the different laws in different states, and consult a Montana real estate lawyer for specifics about the state's laws. It helps to be informed of specifics before trying to make transactions in real estate.