Disclosure
Knowing what to disclose to a prospective buyer can be an interesting dilemma. Selling a house is not the easiest of tasks and some people prefer to have an attorney on hand, to guide them through the mire of real estate problems and contractual negotiations.
Whilst not necessary in some states hiring an attorney can be a god move for the majority of property sellers, as their experience in contract and other real estate dealings could be extremely beneficial.
Keeping Legal
Knowing where you legally stand in terms of what you have to disclose to a buyer is essential in any contract negations. Whether to disclose the value of other offers is not legally required, however there are pros and cons to giving out and also retaining that information.
As a buyer you are however legally obligated to disclosure certain material information about your property to a prospective buyer. A real estate transfer disclosure is a through document highlighting in detail the possessions in and attached to the house, that is required to be filled out by the seller.
Items that can be found in the discourse form vary but generally include ad description of items in the kitchen; notice of the safety features in the houses; any external devices, such as a TV antenna or satellite dish; the amenities including pool or spa; heating devices and water supplies
Sellers Responsibilities
Sellers are also required to indicate any major defects or malfunctions that exist in the major systems of the home and the presence of environmental hazards, walls or fences shared with adjoining landowners, room additions or repairs, zoning violations, citations against the property and any lawsuits against the seller affecting the property
When you agree to purchase a property you must understand that it is a big deal and that it can affect you in lots and lots of diverse ways. Signing the contract obligates you to purchase the property and must only be taken when you are sure you know what you are getting involved in.
Whatever the situation surrounding the purchase there should always be contingencies written into any contract. The two common contingencies are a financing contingency and inspection contingency. These two clauses allow the buyer to back out of their agreement to purchase the property under specific circumstances.
Part of the selling process also involves understanding what, if any repairs, you should make to your property. Whilst the seller is looking to maximize their profit the buyer is also looking to minimize their outlay. Although the two philosophies do not necessarily go 'hand-in-hand' they must always be room for compromise in any negotiation.
