Home Selling Disclosures
Selling real estate may not always be easy, but transactions are often smoother if the buyer is aware of all relevant details related to the house. Sellers are responsible for disclosing anything that will affect the buyer’s decision to push through with the sale. So, whether you are a seller or a buyer, home selling disclosures should be a part of the process before the deal is closed. If you are looking for a home to buy, here are the things the disclosures should consist of.
1) Environmental Hazards
Environmental hazards from a natural disaster need to be disclosed by the seller, because these may affect the wellbeing of the buyer. The seller needs to tell the buyer whether the property, or its location, is in a flood plain or has a history of being a landfill site. The presence of toxic waste, radon gas, or asbestos should be clear to the buyer. According to the Natural Hazards Disclosure Act of California, it is also required to disclose if the property is under a seismic hazard zone, which may lead to liquefaction.
2) Neighbor Nuisance
Problems with neighbors can be a common issue for new owners, especially if they are not aware of potential preexisting problems. As a buyer, you have the right to know if there are existing neighborhood disputes, so you can avoid them. There is a likelihood that the problem with the neighbor can become a major civil issue once the owner of the house changes. It’s always better to know this beforehand.
3) Death in the House
One of the most common reasons why houses are put up for sale is because of a death in the home. You should be aware of this before you buy a house, since this is also a factor contributing to the price of the property.
4) Major Repairs
Major repairs can affect the buyer’s decision to purchase a home. The seller should disclose the repairs that have been done before the house is listed for sale. Knowing the history of repairs, and the reasons for them, is important so that buyers can give extra attention to the once damaged parts of the property and for them to prepare for future problems. Knowing this history will also help a new buyer to better care for their home.
5) Homeowners' Association Details
If the property is under a homeowner’s association, for example, a condominium or a house within a subdivision, it should be disclosed before the sale. The financial health of the association should also be known to you as a buyer because it might affect the fees you will pay in the future. Some of these groups also expect participation from homeowners, so buyers should be notified to give them adequate time to prepare.
Real estate transactions are easier with the right team assisting you. If you are looking to buy or sell your home and would like further assistance, contact JAM Properties, LLC for more information. We are here to help you with all of your real estate needs.