"Sellers Beware!" says Barry Stone in an article for Inman News. "There seem to be no limits to the doubts and reservations surrounding real estate disclosure. At the root of the confusion is one basic question: How does a seller or an agent know what to disclose and what not to disclose?"

Scenario: You have a house for sale, potential buyers hire a home inspection and then back out of the agreement.  New buyers come into the picture and the sale goes through.  Six months down the road, the new owners discover that there was an inspection done before them and they never received a copy of the report. 

"Disclose all that you know: without exception, without compromise." says Stone.  "When in doubt, disclose. The worst that can happen when everything is disclosed is that another buyer might have to be found."

This can be done in two ways.  The seller can list any defects from the home inspection report on the seller's disclosure statement or just include the first report.

"Failure to disclose those defects can be regarded as deliberate concealment, and in most states, that is a violation of law." says Stone.

Obviously, the smartest thing any buyer can do is to hire a thorough home inspection of the property and any defects not disclosed by the seller, should be detailed in this report.

Read the full article at Inman News.

photo credit: nikkigomez

Posted in Headlines, Real Estate Investing, Real Estate Industry, Home Selling Services

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