What You Need to Know about Home Disclosures
- Author Daniel Ellison
- Published September 20, 2010
- Word count 551
One of the things you will encounter during the process of purchasing a property in Bellingham real estate is sellers' home disclosures. In certain states, sellers are compelled to disclose certain things regarding the home that may possibly have an effect to the selling of the house. It would be wise to discuss this matter with your real estate lawyer, since the laws that cover disclosures vary from every state.
There are certain disclosures that are required in all areas; for example, the Lead-Based Paint disclosure. If the house being sold was constructed earlier than 1978, then the disclosure of lead-based paint is compulsory in every state. This gives home buyers ten days to hire a professional inspector to have the home inspected for lead-based paint, except when this right is waived in the contract.
Nearly all home disclosures of seller contain material facts, which are taken into account as anything that may possibly affect the decision of a buyer to buy the property or the terms, conditions, and the price of a purchase offer. Any information that sellers have about a particular defect in the home has to be revealed to prospective home buyers. In certain places, a seller is obliged to tell buyers if there has been an occurrence of death in the home in the three years that passed. There are certain home buyers who freak out by the news of death that took place in the property.
A lot of home buyers do not get distressed about hearing that someone has died in the house, on condition that it was not anything grisly or violent, such as murders. There are even some buyers who believe that previous occupants who died inside haunt the house. It is crucial for home buyers to be aware of the cause of someone's death, as well as any specific details regarding the event, unless it has something to do with AIDS; In certain laws in some states, AIDS falls into a certain protected class that might be put through discrimination claims. It's advisable to discuss this matter with your real estate lawyer.
There are some states that oblige sellers to reveal details that might have an effect on the property. Some of these items include, but are not limited to, the following:
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Ground pollution
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Air pollution
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Fire hazards
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Noise pollution
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Zoning changes
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Flood zones
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Earthquakes
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Natural hazards
The repairs done in a house are also included in certain home disclosures of sellers. This somewhat gives buyers a feeling of relief when they are familiar with such things about the house they are purchasing. Some examples of home repairs that sellers include in disclosures are the following:
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The roof has been replaced
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The plumbing and the electrical system has been upgraded
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The foundation has been secured
In general, sellers reveal in their home disclosures any defects or material facts that they know of, unless a law will be violated by disclosing. There are even times when they tell buyers regarding any rumors, since an open communication plays an important role in every transaction. When purchasing a property from the available Bellingham homes for sale, you should ask your agent or lawyer everything you need to be aware of regarding the home buying process.
Daniel Ellison writes articles about real estate and investment and is passionate about personal finance topics. Check out interesting Bellingham homes for sale as well as a comprehensive list of Bellingham real estate.
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