Real Estate Transactions
Everything in a real estate transaction has to be correct, since there are a lot of legal ramifications, laws and policies in effect. Real estate is a serious business, for both buyers, sellers, renters, and real estate professionals. There are many different forms depending on the situation one is in. Forms come and go, new forms are created, and new laws make older forms obsolete. It is good to know where to go to get the needed form. It is easy using the services of a professional, but often, individuals like to go on their own, which is fine.
One important part of any real estate dealings or transactions, is the legal requirement to disclose. Yes, this is the age of disclosure, such as we never had before in history. Particularly, real estate agents refer to material issues of a residence, commercial property, or raw land. If there are any known issues, like leaks in the roof, termites, wood rot, chemical deposits, or other issues that can materially impact the value of real estate, this must, be disclosed in writing, not just verbal. The courts like to see things in a written manner, with signatures.
If a seller of a house, is aware of some material defect to the structure, for example a crack in the wall, and it is not something apparent, or easily noticed by an interested buyer, then the seller has the obligation to make this known. The agent then, has the responsibility to make it know to the buyer-customer. In Florida, we have what is called a Seller’s Disclosure document, in which each mechanical system (plumbing, electrical, air conditioning, etc) has to be identified as having a problem, prior problem, or no problem at all. The seller also has to describe any issues relating to the structure, environmental concerns, prior flooding, age of property, prior work done to the house systems, and more.
Like any document in any business, it must be signed, and dated by the seller, or sellers. Each person interested in the property has a right to have a copy of the Seller’s Disclosure, and the real estate agent has to have copies on hand. Almost all real estate agents have seen copies in open houses for visitors to take. These are very useful documents. The Seller’s Disclosure is a very practical tool, and it is a legal form.
Tags: Agent, Home, Home Value, Realtor