Most residential real estate transactions go relatively smooth with little or no real hiccups. However, they can and do go sideways so it is important to be smart and careful in yours, and know that property condition disclosures are one of the major disputes between buyers and sellers. So here are a couple tips to hopefully help avoid them:
SELLERS – Disclose, Disclose, Disclose everything you know about your home to potential buyers. It’s better to disclose too much and lose a potential buyer than to disclose too little and have the buyer come back to you after closing with a lawsuit for misrepresenting the condition of the home or failing to disclose a known problem altogether. Plus, it’s the law – you are legally required to disclose all material facts about the property to a potential buyer.
BUYERS – Obtain Inspections! and ask questions and request documentation on any repairs or adverse conditions disclosed by the seller or your own inspections or walk thrus. I know buyers often forego inspections in a competitive market when they want to make a strong offer, but your dream home could become a nightmare. And it’s better to find out before you buy the house that it has structural damage, floods every spring or has a pest infestation than to find out after closing and be stuck with a house you no longer want or be entrenched in a costly legal battle with the seller for repairs.