Home Owners: Disclose the facts!

One of most common causes for disputes occurring after sale of a home arise from buyer finding defects in property, defects which were not disclosed to him by owner before sale of property. If you are owner of a home that you are looking to sell, please be aware that you may be held liable for not disclosing any known defects in your home.

The statutes governing seller obligations vary with each state. Some states require a seller to complete a questionnaire about their property's condition; in other states, disclosures can be made verbally. In some states, seller disclosures are voluntary. The only sellers excluded from disclosure laws are banks and mortgage companies with foreclosure properties. In addition to state laws, there are certain federal laws as well which govern what needs to be disclosed. For instance, federal law requires sellers of homes built before 1978 to disclose any known lead hazards. Some real estate companies may also ask you to disclose all known material facts about your home before they decide to take up your home listing.

Home Hunting and the Internet

So, it’s home hunting time. Where do you start? Who do you contact? Well, home hunting has been made much easier with advent of Internet. There are plenty of websites these days with huge numbers of real estate listings, which make task of finding a home so much easier. You can now browse through home listings, compare prices, compare specifics of each home before deciding on which home you wish to see. Not only do you save on a lot of time but you get to choose from among a variety of homes hence not missing out on any home you may regret not having seen earlier. In addition, you also stand to benefit when it comes to negotiating for your new home as you have access to details of other homes and their prices and these comparisons can be put forward to home owner.