When you are searching for the right home to buy and find one you really like, you should make sure you read through the full-disclosure form for the house. This is a form the seller must fill out when listing the home for sale, and here are three important things you should understand about it.
What a full-disclosure form is
A full-disclosure form is a document that is typically two or three pages long, and it is something a real estate agent will ask a person to fill out when he or she lists their home for sale. This document will ask questions about the parts of the house to determine if the house has problems. The document typically has sellers list the ages of all appliances and systems, as well as the condition of each one. There is usually a line that allows the seller to explain any problems they know about for each system. When the seller fills the entire thing out, he or she must sign it, and anyone who views the house could ask to see this form.
The limitations of a full-disclosure form
Full-disclosure forms are very popular with real estate deals, but they do have limitations. The main limitation is that if a seller does not know about a problem, he or she would not list it on the document. For example, if the house has leaky basement walls but the seller does not know, the seller would not include this as a problem of the house. Because of this, you should get a home inspection on a house you want to buy. A home inspection can verify the problems the seller listed and find any that the seller did not include on the document.
The consequences sellers have for not revealing problems they know
If a seller knows about a problem but does not list it, the seller could experience consequences. The first consequence of this is that the person buying the house could back out of the deal if he or she finds out that the seller failed to list a problem that he or she knew about. Additionally, some states consider lying on this form as a criminal act that could be punishable by law.
Reading through this form can reveal a lot of things to you, but it is still important to get a home inspection too. If you would like more information about how you can protect yourself when buying a house, ask a real estate agent.Share
25 September 2018
When I started looking for a new home, I realized that there were a few things I needed to be careful about. For instance, I really needed to focus on finding a home that would appreciate in value, so I began thinking about investing in the right property. After quite a bit of research, I was able to find a great neighborhood that had a big support system for my family. After we found a house we loved, we worked with a real estate agent to procure it, and it was really nice to feel like we belonged somewhere. Read this blog about ways to find amazing pieces of real estate the first time around.