Importance of Full Disclosure in Real Estate
It is important for a homeowner to ensure they take care of matters involving the property they are interested in so they understand why they need to make such investments. The real estate agent you work with should ensure you understand any forthcoming defects and issues that may arise before buying the property. Getting info. about the property from the real estate agents ensure the buyer and seller they have the right property since they can make comparisons of their value and costs.
When in the real estate industry, ensure you talk to the agent so they can tell if there are any hazards on the property so you know how much you should disclose. You should also get details regarding anything that might affect the price of the property in their beginning before making any sudden decisions. The agent should ensure the client is well informed especially since it might affect their decision to purchase property but understand what hazards are dangerous.
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. The agents of every stage are required to tell the seller if there are presence of termites, pest control issues or mold. The agent should also state any structural defects that could lead to costly repair and are dangerous if not well taken care of.
Defects like roof or foundation issues should be explained to the buyer and the beginning so they can estimate the overall costs accurately. 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. The client has the right to know how long their property has been on the market and know if the seller wants to increase the price of the property.
Clients should be informed of counter offers the agents have received, updated prizes and if they have conflict of interest regarding any property. Getting a full disclosure from their agent ensures you get a property that has minimal damages hence necessary to work with reputable real estate agents.