Each state has its own disclosure laws on what a seller has to tell the buyer about known problems. Some state disclosure regulations include water damage, mold infestations, termites and even whether someone died on the property.
The only current federal disclosure statute is for lead paint. You may be able to use disclosure laws to your advantage as a buyer. As soon as a seller knows about an issue in the home, they have to tell every future buyer about it. Real estate agents are local experts who understand disclosure laws and the home buying process.
This can give you more confidence when you decide to close. They can also recommend when not to buy. However, an agent can help you come up with an accurate budget for your situation. Get A Quote. Before you decide, ask yourself a few questions:.
Take plenty of time to schedule expert inspections and understand the real condition of the home before you decide to buy. Home Buying - 6-minute read. November 06, Purchasing a home from a family member or friend may not be that cut and dried. For example, many as-is properties are foreclosed homes. Laws about disclosure do differ by state, though. However , every state requires that sellers answer questions about the house honestly. Furthermore, real estate agents are legally required to disclose anything about a house that may influence whether or not someone would want to buy it.
This is because their services fall under the Consumer Protection Act. As-is homes often carry a bad connotation for reasons we just touched on. Many buyers suspect that the only reason a home is listed that way is because it suffers from major problems that would be extremely expensive to fix. The seller could have also run into financial troubles. Shapiro v. Hu , Cal. Department of Real Estate , 96 Cal.
In other words, the seller will not make any repairs, nor offer any credits for potential defects that are on the property. Accordingly, if the seller fails to disclose a known defect or intentionally misrepresents a defect on the property, the seller will be liable to the buyer.
Your real estate agent and home inspector can be valuable resources throughout the process but ideally, as a buyer or seller you should keep yourself informed to ensure you understand the details and implications of potential offers you are presented with in the future. You may find yourself in a situation where an individual or real estate agent is attempting to gain the upper hand in a deal utilizing vague or complicated terms.
It is important to remember that the decision to buy or sell is always in your hands. By educating yourself with a few of the fundamental terms , you will be much more prepared when entering the real estate market.
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