If you've been in the market for a home for a while, you probably already realize that there is no such thing as a home without flaws. Some flaws are just more forgivable than others. What's important when viewing a home with an eye towards making it your own is knowledge. Fortunately, real estate laws and practices are usually on the buyer's side when it comes to finding out a home's secrets. Read on to find out more.
You'll find that what must be revealed about a home's past history varies quite a bit from state to state, but there is one federal disclosure that covers all states. You must be informed, in writing, if there's any possibility of lead-based paint on the property (for homes built before 1978, that is). Other than that, there are what are called material facts that dictate what has to be disclosed in all states. Each state has its own material facts.
Certain areas of the country can also influence what disclosures are required by law. If you live in an earthquake-prone location, you might be provided with a disclosure addressing that issue. Most states require the seller to disclose homes that lie in certain flood zones and hurricane zones. Others might require the owner to reveal environmental problems with the water, air, or noise problems. It's vital that buyers be aware of what disclosures must be made and to perform their own due diligence to discover issues that exist but that may not be required by law to be disclosed.
This catch-all phrase simply (and vaguely) means that if the seller believes it will influence the buyer's decision about the home, it must be disclosed. Since the laws vary on what has to be disclosed, this list should serve as reminders to buyers to do some digging and know what they are purchasing. Some of those material facts include:
To find out more about disclosures for single-family homes, speak to your real estate agent.Share
9 December 2019
About a year ago, I realized that there were some serious issues with our home. I could tell that we needed to do something to upgrade our residence, so we started looking for a different property. I was able to find a really nice real estate agent who could help, and they worked hard to pair us with the perfect home for our budget and lifestyle. Now I can honestly say that I love my home, and I couldn't have chosen a better one on my own. Check out this blog for great information on improving real estate holdings and finding a better home.