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Full Disclosure Saves
Thousands!
The California Association of Realtors (C.A.R.) Real Estate Purchase contract (dated April 2000 or later) provides that: 1.
"Seller shall disclose known material facts and defects, and make other
disclosures required by law". 2. "Property is sold (a) in its PRESENT physical condition on the date of Acceptance and (b) subject to Buyer inspection rights…" In
plain English, it is required by law that a seller must tell a buyer everything
he knows about the home, which includes conditions that could affect the buyers
enjoyment of the home! If there is something that does not work as
originally intended, and you do not plan to correct the defective item, it must
be disclosed! The Buyer who buys a home “in its PRESENT physical condition" is not likely to make, or be successful at making, a claim for financial damages against a seller who fully discloses everything he knows about the home. Buyers generally make damage claims for money or a repair, over things that where not disclosed or conditions that where understated by the seller. The
Buyer may inspect the home, generally within fourteen (14) days, and cancel his
offer to purchase without loss of his deposit if he finds the condition, or
facts that relate to his future enjoyment of the home, to be unacceptable. Seller’s
Disclosures Should Include the Following The
physical condition of the property. The Lead-Based Paint Disclosure Neighborhood
nuisances. Sex
offender Data Base Disclosure. Deaths
in the property during the last three (3) years. A
big advantage in using Doug Hamilton as your Realtor is that he encourages his
clients to complete all disclosure documents prior to receiving a buyers offer
to purchase. Once he has the disclosure documents he may be able to save
thousands of dollars by negotiating a Buyers acceptance of the home’s
condition during the offer negotiation process. Taking a proactive
approach to making disclosures will save money as well as help him deliver a
smooth escrow by shortening the time period for contingencies and the potential
risk of Buyer cancellation. In short: The liability and future financial risk to a seller when selling a home is greatly reduced when the Buyer clearly understands the physical condition of the property as well as other internal and external conditions that could be perceived as affecting the property's value. IMPORTANT!
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