2007-07-15 02:48:24 · 16 answers · asked by clinton f 1 in Business & Finance ➔ Renting & Real Estate
Not necessarily, the law limits it to major items. The disclosure checklist is the condition of the property TODAY.
If there was any major repairs done in the past, and those items, as of today, are in good working order, then they are under no requirement to disclose.
I would go to the Real Estate Commission for your state...the Property Disclosure Statement is usually the only public document that they add for free...that way you can review it and see what is on it.
However, if you have never purchased a home before, I would not purchase one without using a Realtor or getting a home inspection.
Purchasing homes without a Realtor is not for the unseasoned home buyer....you can get yourself into some very deep financial hot water.
2007-07-15 03:05:13 · answer #1 · answered by Expert8675309 7 · 1⤊ 2⤋
It is not part of the fair housing act. There is no federal law about this.
In Texas any seller that sells property without disclosing known defects is exposed to triple damage lawsuits under the consumer protection act. This applies no matter if it is listed with a Realtor or not.
I would guess that a FSBO would be more likely to hide the truth than a listed property for various reasons.
It is surprising how often you hear an inspector say "hey I inspected this same house a few years ago!" or a foundation company say "I gave this guy a report on this a while back".
If you don't disclose you are often discovered and the penalties are very bad at least in Texas.
That is not to say that sometimes a seller is ignorant about a condition and so has no obligation to disclose what they don't know. It is always a great idea to get a home inspection.
2007-07-15 03:05:20 · answer #2 · answered by glenn 7 · 1⤊ 1⤋
First off let me say that I am NOT a realtor. Now let me ask, why on God's green earth do you want to buy a home without a Realtor? What do you have against them? I can see why you may want to try to SELL your house without a realtor (to avoid the fees), but when BUYING a house you pay nothing to the realtor. The seller pays the fees. What do you have to gain by not using a realtor? Nothing. What do you have to lose? Money, lawsuits, etc.... A realtor will not only help you find the house of your dreams. But he/she will help you negotiate the best price (so you don't overpay). They will help with all the legalities of the contract, schedule and explain the ever crucial homeowner's inspection, help you obtain financing, homeowner's insurance, and whatever else you may come across in this- the biggest purchase of your life. And all of this for free! So once again I say, why would you even think of purchasing a home without a realtor? No I am not a realtor, but I hope that when you are done reading this you pick up the phone and call a local agent.
2016-05-18 01:23:45 · answer #3 · answered by ? 3 · 0⤊ 0⤋
My understanding is that they have to disclose any material (major) problems that they know about. But proving that a seller probably knew or should have known about a problem is difficult. You'd be fighting it out in civil court, where the standard of proof is "balance of evidence" rather than "beyond a reasonable doubt", so you have that much in your favor.
But the best thing to do is to get an inspection, and to have an honest, experienced real estate agent working on your purchase. They're the best insurance you can buy.
2007-07-15 03:06:04 · answer #4 · answered by Bryce_Anderson 2 · 0⤊ 1⤋
Yes. If there are major issues or problems, the seller has to make it known to the buyer. Example: If they had leaking in the basement, rotted framing (known), or foundation movement, etc.
Minor cosmetic things do not have to be disclosed.
2007-07-15 02:54:34 · answer #5 · answered by Staveros 4 · 0⤊ 0⤋
Depends on the statutes of the state in which you live, and the method in which it is being sold. If the seller clearly indicates that the property is being sold 'as is', most states have no requirement of disclosure.
Get a professional inspection of the property done.
2007-07-15 03:36:46 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
They are not under the same legal requirements of a brokered deal. I would have the house inspected and appraised before going very far.
2007-07-15 03:32:40 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Yes - but -
finding THE honest/open FSBO is a virtual impossibility . . .
realtors are 'there' as insurance against this type of misrepresentation . . . and ultimate loss -
usually saving the buyer mega dollars . . .
well worth the commission they collect on the sale.
2007-07-15 02:53:18 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I could sell you my house with lots of things wrong with it but if you found out about them after buying it, I could always say I didnt know such and such was bad and that everything was ok before I sold it......good luck
2007-07-15 02:53:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I know you do in texas, you might call a tile company and ask them or a real estate company and ask for the office manager or broker
2007-07-15 02:52:44 · answer #10 · answered by jeanniep 5 · 0⤊ 0⤋