Buyer's Guide
Disclosures From the Seller
Although you have toured the property, looked at the
walls and ceiling, turned on the faucets and played with
the light switches, you have not lived in it. The seller
has years of knowledge about his or her home and there
may be some things you want to find out about as quickly
as possible. For this reason, you will require certain
disclosures as part of your offer.
Basically, you want the seller to disclose any
adverse conditions that may have a substantial impact on
your decision to purchase the home. This would include
any problems with the house, whether the property is in
a flood zone, a noise zone, or any other kind of
hazardous area.
If you have an agent representing you, this is almost
automatic, but many states do not require individuals
selling their own home to provide you with this
information. Often they do not require banks selling
foreclosed property to provide these disclosures,
either. Obtaining these types of disclosures should
always be a part of your offer, and time is of the
essence.
Condition of the Property Upon
Transfer
The last thing you want when you assume possession of
your new home is to find it in a total mess. Therefore,
you should make it clear in your offer that certain
minimum standards are required. If you do not, you might
find out the seller or neighbors have begun using the
back yard as a trash dump, or something worse – and you
would not be able to do anything about it.
Some of the requirements you might want to include in
your offer are that the roof does not leak, the
appliances work, the plumbing does not leak, that there
are no broken or cracked windows, the yard has been kept
up, and any debris has been cleared away.
Inspections You Should Require
Besides appraisal and the termite inspection, you should
also have a professional go through the house and seek
out potential problems. Of course, you will have
inspected the home, but you are not used to looking at
some things that a professional will find. Even if they
are not things the seller is expected to repair, at
least you will have foreknowledge of any potential
problems.
The seller will want this inspection performed
quickly, so that you can approve the results and move
forward with the purchase. Once you receive the
inspection, you will want to allow yourself sufficient
time to review and approve the report. If you do not
approve the report, you may negotiate with the sellers
on which repairs should be performed and who should pay
for those repairs. Otherwise, you can cancel the
purchase without penalty, provided you have included
timetables in your offer.
Allow a maximum of ten to fifteen days to receive the
report and five days to review it.
Final Walk-Through Inspection
Before closing, you will want to revisit the property to
ensure it is in the condition you have required in your
offer, and to inspect that any required repairs have
been performed. You should do this no sooner than five
days before you intend to close. Make sure this right to
do a final inspection is included in your offer to
purchase the home.
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RealEstate ABC. No articles may be reprinted or
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