Buying Your Home - Disclosure , What you need to know
Whose obligation is it to disclose pertinent information about a property? if He/She the seller knows about a issues with the property
.In this state Seller must say if he/she knows of the issue, the seller is not obligated to disclose information about a property that he/she does not know about. (so be careful)
Under the strictest laws, you the buyer and your agent, if you have one, are required to tell you the buyer all facts materially affecting the value or desirability of the property. The seller is required to disclose what is known. The seller if he/she knows about issues you should as well.
(This is a buyer beware State) The seller is not required to tell you about things they no nothing about."
Check everyone and everything period.
What are the standard
Some purchase offers include a standard contingency
(but are not required) some sellers in hot market may ask that removed!!!
Financing contingency, which may make the seller hesitant about accepting your offer, so think about it, can you afford to loose the earnest money?
2nd the other agents offer does not have one. (who wins) you decide
How Bad do you want it?
dependent on the buyers' ability to
obtain a loan commitment from a lender, and an inspection contingency, which
allows buyers to have professionals inspect the property to their satisfaction.
As a buyer, you could forfeit your deposit under certain circumstances, such as
backing out of the deal for a reason not stipulated in the contract. The
purchase contract must include the sellers responsibilities, such things as
passing clear title, maintaining the property in its present condition until
closing and making any agreed-upon repairs to the property.
Do I need an attorney when I buy a house?
With My Company all closing are done through a Attorney, Period.
What repairs should the seller make?
If you want to get top dollar for your property, you may or may not need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair. The trick is not to overspend on pre-sale repairs, especially if there are few houses on the market but many buyers willing to buy and fix and flip or keep, you never know. it's your call
Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to your agent. However they do have to say if any offers are under review .
Will a neighbor problem reduce the value of my property?
While it may not reduce the actual value, a cluttered landscape next door can detract from the positive aspects of your home. Review your local laws, which should be on file at the public library, county law library or City Hall. A typical "junk vehicle" ordinance, for example, requires any disabled car to either be enclosed or placed behind a fence. And most cities prohibit parking any vehicle on a city street too long. It also may be worthwhile to check into local zoning ordinances. An operator of a home-based business usually is required to obtain a variance or permanent zoning change in residential areas. In addition, if a neighbor's repair work produces loud noises, he may be breaking local noise-control ordinances, which are enforced by the police department. Before bringing in the authorities, you may want to make a copy of the pertinent ordinance and give it to your neighbor to give them a chance to correct the problem.
* "Neighbor Law: Fences, Trees, Boundaries and Noise," Cora Jordan, Nolo Press, Berkeley, Calif.; 1991.
How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help. Disclosure laws vary by state,
Disclosure laws in Georgia need a review,Seller can and do sell plainly stating no disclosure, You need to know that, You could be buying a pig in a poke. Look at everything, Hire a home inspector. LOOK AND ASK QUESTIONS , Check everything about the property , everything
* In the kitchen -- a range, oven, microwave, dishwasher, garbage disposal, trash compactor.
* Safety features such as burglar and fire alarms, smoke detectors, sprinklers, security gate, window screens and intercom.
* The presence of a TV antenna or satellite dish, carport or garage, automatic garage door opener, rain gutters, sump pump.
* Amenities such as a pool or spa, patio or deck, built-in barbeque and fireplaces.
* Type of heating, condition of electrical wiring, gas supply and presence of any external power source, such as solar panels.
* The type of water heater, water supply, sewer system or septic tank also should be disclosed.
Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. (if they know it)
A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, any encroachments or easements, room additions or repairs made without the necessary permits or not in compliance with building codes, zoning violations, citations against the property and lawsuits against the seller affecting the property. Also look for, or ask about, settling, sliding or soil problems, flooding or drainage problems and any major damage resulting from earthquakes, floods or landslides.
People buying a condominium must be told about covenants, codes and restrictions or other deed restrictions. home inspection and home warranty industries have grown significantly to accommodate increased demand from cautious buyers. Be sure to ask questions about anything that remains unclear or does not seem to be properly addressed by the forms provided to you.You should ask and ask again