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. It is only correct if the buyer or seller can accurately assess the home’s costs and value by getting information from the real estate agent before signing any contracts.
When do real estate agents gives you details about the hazards in the property, you can know how much you are required to disclose are selling property. 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.
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. Real estate agents are required by the state to inform the buyer regarding any presence of termites, mold and pest control issues in the property. 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 disclosures should be made in writing, and known hazards are usually prominent and should be made public knowledge.
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. 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. 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.