Jeff Adams Real Estate Seminar State and federal laws are strict in need sellers to tell what they know about the state of their homes that isn't discernable to potential buyers. Buyers can't see behind walls or under houses, so they rely on truthful information from the seller about the operation, appliances and systems of the home.
When you sell your home, your real estate agent will present you with a federal and state-mandated disclosure form called a Jeff Adams Real Estate Seminar Disclosure Statement, land state Disclosure, or Condition Report. You are required to disclose the presence of lead paint, radon and other toxic products if you know your home has them.
While the forms may request you to disclose whether or not you know there is lead paint or radon present, you are not required to do tests to determine the presence of toxic chemicals. But your buyer lender can always require proof of tests for any problem that has been disclosed damage.
It's vital to answer all question as honestly as you can. You must answer the questions yourself - your real estate professional can not fill out the disclosure for you, but he or she can help you understand what being asked of you. While exposé forms allow you to check the "I don't know" box, you should only do so if you really don't know the condition of that item.
The best way to feel confident about the condition of your home is to have it inspect by a licensed professional home inspector. For a few hundred dollars and a few hours of your time, you all either find that your home is market-ready, or the inspector will bring a problem to your attention that you can fix.
When you disclose a problem to the buyer that has previously been fixed, be sure to provide a copy of work orders, take and invoices. If the problem has not been fixed, to offer a little less for the home. the more the buyer will discount the offer, if he makes one at all.
The Property seller's disclosure is designed to do one thing hold you and your real estate agent harmless if you have disclosed the truth about your property. You don't want to give the buyer any room for grievance or litigation after the closing.
To get an idea of the types of questions you will be asked in a disclosure, you can find legal forms at (FLF) Find Legal Forms.com.Don't be afraid of the seller's disclosure. It's not meant to be a deal-killer, but a deal-maker. Many agents give a copy of the disclosure to interested buyers, so they can get an idea of the home condition before they make an offer or have an check.
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