Atria Real Estate May 24, 2023
Both the Seller and the Listing Agent are required to disclose all known material defects, repairs and alterations made to the home. Disclosures allow the Buyer the opportunity to review available information prior to writing an offer.
A home inspection is a visual examination done by a licensed professional. A thorough inspection will examine the interior and exterior structures, systems and components of the structure including the roof, basement or crawlspace, foundation and structure, heating and cooling, plumbing, electrical, fireplace, attic, insulation and ventilation, doors, windows of a residential property.
Examples of things that need to be disclosed and provided to the Buyer:
We live in a competitive marketplace that requires a highly proactive mindset to sell a property at the most optimal price. If a Buyer is considering multiple homes similar to yours, it is to your advantage to have material facts presented up front so there are no surprises when the time comes for an offer and possible negotiations. It is important to note that a Buyer may want to do their own inspections for a deeper understanding of the condition of the property. This is a normal practice.
During our Buying Your Dream Home Series, we wrote an entire article explaining disclosures. We'll summarize it again below.
You can request a disclosure package from the listing agent for every home you're interested in making an offer on. Disclosures list general information about the home and both the seller and listing agent have to disclose all material facts they know about the home so you are aware of anything that might affect your decision.
There are several types of general disclosures, all of which we've listed below:
These are questionnaires completed by the Seller about the property.
Provided by the Title Company, this report shows ownership of the parcel, as well as any liens and encumbrances thereon which will not be covered under a subsequent title insurance policy.
This report examines the overall functionality and condition of the home including appliances, mechanical, plumbing, and electrical systems.
This report examines structural damage due to wood boring beetles, termites, and dry rot.
It is required for both the listing and selling agents to complete a visual inspection of the property.
This report details how the property might be affected by natural hazards like an Earthquake, Wildfire, Tsunami or Flood based on its specific location.
You’ve got questions and we can’t wait to answer them.