Why No One Talks About Disclosure Anymore
October 15, 2018
the Requirements of Getting Full Disclosure in Real Estate
It is alright for the buyer to want to learn more about a property they are interested in to ensure they are making the right decision. The real estate agent must be concerned about what the client wants and ensure they are informed about any issues or defects about the property. The buyer and seller to assess the home’s value and compare the costs so they can understand what they are getting into before signing the contract.
When do real estate agents gives you details about the hazards in the property, you can know how much you are required to disclose are selling property. It is the duty of the agent to ensure the client understands the hazards and factors that affect the home’s prices before getting deeper in the deal. If the issue will affect someones decision to purchase the property then the agent needs to mention any hazards available.
It is important for sellers that have homes built before 1978 to disclose is there is presence of lead-based paint since some hazards can make properties unlivable or unappealing. Real estate agents are required by the state to inform the buyer regarding any presence of termites, mold and pest control issues in the property. It is necessary for the agent to note structural defects around the property since they can be costly to repair and unsafe is not fixed on time.
It will be easy for the buyer to accurately estimate the overall costs when they know or important defects like roof or foundation issues. Other important issues include plumbing sewer concerns and checking natural hazards like been located near a flood zone. It is important for known hazards to be made public knowledge and the disclosures should be written in the contract.
If the buyer suspect any issues then they should communicate with the agent since it can affect the buying decision. Apart from giving information regarding hazards in the house, the agents are required by the law to inform all parties of information they receive which may affect the sale of the house. Buyers should be concerned about other offers made on the home and find out the amount of time their home has been on the market and if the buyer can increase the price paid on a home.
The client should ask for more info. regarding counteroffers available and any price difference on the property they wish to buy. Buyers might end up filing a lawsuit if they do not get a full disclosure on the property since they might get damages which will make the agent lose money and their reputation.