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Whose obligation is it to disclose pertinent information about a property?
Knowing
how much relevant information to give to a prospective buyer is not just a
moral decision, but also, in the majority of the states in the U.S a legal
requirement, of the seller. In effect a
seller is obligated to disclose to an interested buyer various information
about a property.
Under the strictest laws of some U.S states, you and your real estate agent or
realtor are compelled to reveal all facts materially affecting the value or
attractiveness of the property, which are known.
Normally the disclosure of all the relevant information is given to the buyer
in the form of disclosure document that
highlights in detail the possessions in and attached to the house.
Although typically all
relevant information must given to the buyer the most common information that
is contained in the disclosure include the flowing:
Report of equipment in the kitchen: microwave,
oven, dishwasher, garbage disposal and trash compactor.
Safety items in the house: fire and burglar
alarms, smoke detectors, sprinklers, security gate, window screens and
intercom.
Outside items, physically attached to the house:
TV antenna, satellite dish, garage door, automatic garage door opener and
rain gutters.
Facilities and amenities: pool or spa, patio or
deck, barbeque and fireplaces.
Type of heating and condition: electrical wiring, gas supplies, external power source such as solar
panels.
Type and condition of Water supplies: type of
water heater, water supply, sewer system or septic tank
Also relevant and important
for the seller to disclose are any major defects or faults that exist in the
major systems of the home. Environmental hazards, walls or fences shared with
adjoining landowners, room additions or repairs, zoning violations, citations
against the property, lawsuits against the seller affecting the property and
any deaths in the past three years must also be reported to the buyer. Written
guarantees that additions or repairs were made with the necessary permits or in
compliance with building codes should also be given.
Other information that my need to be legally disclosed to the buyer includes
any damage from: settling sliding or soil problems; flooding or drainage
problems; earthquakes, floods or landslides.
Condominium sales should also contain information for the buyer on you must be
agreements, codes and restrictions to the property.
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