One of the most common causes for disputes occurring after the sale of a home arise from the buyer finding defects in the property, defects which were not disclosed to him by the owner before the sale of the property. If you are the owner of a home that you are looking to sell, please be aware that you may be held liable for not disclosing any known defects in your home.
The statutes governing seller obligations vary with each state. Some states require a seller to complete a questionnaire about their property's condition; in other states, disclosures can be made verbally. In some states, seller disclosures are voluntary. The only sellers excluded from disclosure laws are banks and mortgage companies with foreclosure properties. In addition to the state laws, there are certain federal laws as well which govern what needs to be disclosed. For instance, federal law requires sellers of homes built before 1978 to disclose any known lead hazards. Some real estate companies may also ask you to disclose all known material facts about your home before they decide to take up your home listing.
Some facts may affect one buyer while it may not affect the other. If you're confused about what you need to disclose, then consult your real estate agent or property attorney. To keep it simple, as an owner you should put yourself in the shoes of the buyer and decide what you would need to know about the house before you decided to make the purchase. If you have to make the sale, make sure it goes through smoothly. There have been many instances of lawsuits arising from owners not disclosing important material facts about their home.
Sameer S Panjwani is the CEO and Founder of ChoiceOfHomes.com - Real estate listings of homes on sale and rent.
You're ready to put your home or land (house, townhouse,... Read More
What if you want better cash flow from your rental... Read More
As sure as the spring flows at The Fountain of... Read More
Psssssssssst, Want to know a great way to make FAST... Read More
Buying a house is one of the most exciting things... Read More
After years of experience in the real estate industry I... Read More
If you've followed any of the major survey agencies around... Read More
So you want to buy a home? This is a... Read More
If you are thinking of relocating to Maui, this article... Read More
Foreclosure under a mortgage requires a court ordered sale conducted... Read More
Do you remember when real estate financing meant you saved... Read More
The San Antonio, Texas real estate market is still going... Read More
Buying foreclosures can be extremely profitable for real estate investors.... Read More
So you've decided to take advantage of the booming real... Read More
The housing market is hot, and you've decided to list... Read More
There is more to buying raw land than meets the... Read More
So, it's home hunting time. Where do you start? Who... Read More
Real estate continues to be a very important part of... Read More
You've listed your home for sale, you have a Buyer... Read More
Real estate investments come through a variety of different options.... Read More
Most of us don't talk about money, finances, credit, debt....Young... Read More
Today we discuss escalation clauses because much of the country... Read More
There are mobile homes for sale, for much less than... Read More
Discover new interior Design Psychology strategies to increase your real... Read More
It can be very frustrating to put your home on... Read More
In many places you can buy a house and a... Read More
As Bulgaria readies for joining the European Economic Community in... Read More
Buying a house can be a daunting task, even for... Read More
Anyone who has ever profited from doing a short sale... Read More
Selling your home on your own, without a Realtor, is... Read More
The secret disclosed on how you too could achieve financial... Read More
As you are making your cold calls on property, you... Read More
Houses for sale by owner, also known as "FSBOs," are... Read More
It's a dream for many to buy and take ownership... Read More
Of course, this is the big question in real estate... Read More
Now that you've chosen a real estate professional to sell... Read More
Discover new interior Design Psychology strategies to increase your real... Read More
In rural home purchases, the transaction is often subject to... Read More
Most people buy one or two properties. One is their... Read More
For those looking to invest in the real estate market?keep... Read More
Tensions can run high in both the selling and buying... Read More
Homebuyers, especially first-timers, may not think of asking about restrictive... Read More
Advice to Help When You're Buying a HomeFirst time home... Read More
Real estate investing is not in any list of high... Read More
Renters are often in a quandary as to whether it... Read More
Did you know that you can save tens of thousands... Read More
Resort home ownership, such as condo hotels and fractional shares... Read More
What do the Californians know that we don't?What is so... Read More
Another real estate writer's mini course, full of promises and... Read More
For small business owners, commercial real estate investment is the... Read More
How would you like to start a bidding war for... Read More
Every Realtor KNOWS that a home should be shown in... Read More
Strange and unexpected things happen during home inspections. Seldom are... Read More
Keeping your existing house when you buy a new one... Read More
Years ago, the only person that could buy a home... Read More
It might not seem necessary to involve a real estate... Read More
In a previous article we introduced you to the concept... Read More
These are real building questions that I received from readers... Read More
The housing market is hot, and you've decided to list... Read More
Is your pet worth $100,000? It may be if you... Read More
It doesn't take long to realize that finding the right... Read More
Listing real estate online can be a great way to... Read More
So you've just returned to your office after delivering an... Read More
In addition to zoning, some properties have covenants recorded at... Read More
What is a loft apartment? At the most basic level... Read More
These real questions are answered by me and US Master... Read More
Real Estate |