Home Disclosures can be tricky. For example real estate agents are not expected to fill out any sellers’ home disclosures unless the agent is the seller, or a party to the transaction. Still that will not stop some agents from completing disclosures on behalf of their clients…
Lending themselves up for distressing lawsuits. In fact, it’s mostly lawsuits that have provoked the use of the disclosure forms agents to ask sellers to complete. Ask your lawyer if you must sign all disclosures administered to you.
Seller’s death in the house is a common buyers concern, but the local law doesn’t require to disclose it after three years of the fact; the agent’s knowledge may compromise his credibility if he withholds this material fact.
Material facts are commonly known to as anything that would influence the buyer’s decision to acquire or the price and terms the buyer offers. In simple terms, if you have knowledge about a defect, it should be disclosed. Sounds simple; But it can be catchy.
A brief list of material facts that should be disclosed; they may not appear in a regular inspection:
- Flood zone
- Earthquake area
- Noise from highway
- Bus stops in corner (Mexico)
- Prone to strikes from golf balls
- High crime area