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7 Key Things About Seller Disclosures Every Homebuyer Should Know

HomeLight

You go to investigate the root cause of the water intrusion and discover something worse than wet carpet: evidence that the seller likely knew about the issue and told you nothing (nada! This is the exact type of unfair scenario that seller disclosures are supposed to protect you from as a homebuyer. Full disclosure.

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Under Contract vs. Pending Sale in Real Estate Transactions

Realty Biz

This means that the buyer and seller have agreed on the terms of the sale. There may still be contingencies that need to be met, such as a home inspection or appraisal. For example, a buyer might have a contingency that the home must pass a home inspection. If the home fails the inspection, the buyer can back out of the sale.

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Accuracy in Real Estate Listings

Hank Miller Team

Real estate laws vary by state but there is the expectation of full disclosure of all material facts about a property. Seller disclosures are completed and assumed to be truthful but that’s not always the case. Misrepresentation of a property can result in lawsuits and fines.

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Home, Sour Home: How Homebuyers Can Avoid a ‘Lemon’

HomeLight

Seller disclosures. In many states, seller disclosure forms are required to complete a real estate transaction. Each state has different requirements , but basically the seller is required to tell the buyer of any known problems with the house. Inspections. Attend the inspection. Home warranties.

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8 Essential Steps to Navigating Escrow in Home Buying

Realty Biz

Step 4: Property Inspections and Disclosures A home inspection is a comprehensive evaluation of your potential new home that includes an assessment of the structure, mechanical systems, and major appliances. Similarly, the seller may have obligations such as providing necessary disclosures or making agreed-upon repairs.

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What is a Seller’s Disclosure? Here’s Why It’s Important

Redfin

Buyers will need to decide if they’re comfortable with any significant issues disclosed and get a professional inspection to assess what it takes to handle the problem. As a buyer, it’s important to carefully review the seller’s disclosure packets with a real estate agent and during the home inspection. .

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How to Spot Serious Foundation Trouble

Hank Miller Team

Buyers were/are so stressed to secure a home that some toss caution to the wind; overpaying, waiving finance contingencies, inspection contingencies and more. Don't rely on seller disclosures and if inspections are waived, buyers likely have little recourse as a lawsuit can be very hard to win in a "buyer beware" state like Georgia.