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. It is traditional for real estate agents to help they are clients when buying the property especially when it has different defects or issues. 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.
People normally ask themselves a lot of questions when buying or selling property and do not know how much information they are supposed to be disclosed. It is the duty of the agent to ensure the client understands the hazards and factors that affect the home’s prices before getting deeper in the deal. If the issue will affect someones decision to purchase the property then the agent needs to mention any hazards available.
Different hazards make the home unlivable or unappealing to interested clients, and if people are selling homes that have been built before 1978 then they should disclose any presence of lead-based paint. 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.
It will be easy for the buyer to accurately estimate the overall costs when they know or important defects like roof or foundation issues. As the buyer, you should be concerned about natural hazards in the area like flood zones and ensure the property does not have sewer or plumbing issues. 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 buyer should be informed of any increase in price on the property and how long the home has been sitting on the market.
You should find out if this agent has a conflict of interest regarding the property and if there are counteroffers presented and updated estimates on the price of the property. To maintain an excellent reputation in the industry; you need to ensure you offer full disclosure to the buyer so you can avoid lawsuits or loss of money.