Importance of Full Disclosure in Real Estate
It is alright for the buyer to want to learn more about a property they are interested in to ensure they are making the right decision. 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 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. 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. The clients should discuss with the agent but understand what hazards they should at before making any decision about the property.
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. 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. It is necessary for the agent to note structural defects around the property since they can be costly to repair and unsafe is not fixed on time.
roof or foundation issues can be costly which is why the buyers should be informed before signing the contract so they can understand how much they should put in. 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.
If the buyer suspect any issues then they should communicate with the agent since it can affect the buying decision. Any parties involved with the selling or buying of property should be given proper information received by the agents that may affect the buying decision. 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.