Importance of Full Disclosure in Real Estate
It is important for somebody who plans on buying property to learn as much as possible so we can make the right decision which will cost them less. The real estate agent must be concerned about what the client wants and ensure they are informed about any issues or defects about the property. The buyer and seller to assess the home’s value and compare the costs so they can understand what they are getting into before signing the contract.
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. If you want to be on the safe side, ensure your agent will discuss the factors that will directly affect the price of the property which should be done at the beginning of anything. If the issue will affect someones decision to purchase the property then the agent needs to mention any hazards available.
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. Every state has their own stance on how much the engine should disclose but they are required to state if home has mold, termites and other pest control issues. 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. You can check out their website to know if the area you live in is located near a flood zone or check sewer or plumbing problems of the property. The buyer will make the suitable decisions when the disclosures are mentioned in the contact and known hazard should be made aware to the public.
In case the buyer is not comfortable with some of the features of the house then they should speak up immediately before signing the contract since it can affect the overall buying decision. It is necessary for the buyer to know any information regarding the property which the agents have received which will affect you there decision to purchase the property. 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.
The client should ask for more info. regarding counteroffers available and any price difference on the property they wish to buy. 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.