Before you buy a home, it is important to find out as much information as you can about the property and the surrounding area. However, if there is anything about the home that could affect its value, the seller is also required to tell you about it.
The issue has gained more attention in recent months. It has grown so much that it ranked as one of the top future or current issues concerning members of the National Association of Realtors.
The following are some of issues a seller is required to inform you about, according to MSN Real Estate.
A seller is not just required to tell you about any repairs a home needs. They also need to tell you about ones that have been made in the past. This includes everything from cracks in the foundation that needed filling to repairs on the roof, plumbing and electrical systems.
Even more minor projects, such as clearing a sewer pipe that is regularly blocked, should be disclosed. That way you know of any other potential costs you might face after closing your FHA loan.
At first glance, a termite problem may not be visible to the naked eye. However, since a seller is legally bound to disclose this information if they know, you should be informed. Even a history of termite infestation, especially if it has occurred more than once, is a situation that could lead to issues down the road if you buy the property.
Water damage and mold
Before you purchase a home, you should hire a home inspector to look at the property. They can often spot the presence of water damage and mold.
However, even if the evidence has been covered up with plaster or a fresh coat of pain, the seller is still required to inform you about it.
The use of lead paint in new homes became illegal in 1978. However, if the home you are interested in was built prior to this point there could still be some left over. A seller is required by federal law to disclose this information to you.
In fact, there will be a lead paint section of your sales contract that both parties must sign and date stating that the presence of any lead was disclosed.
Qualifying for a mortgage is just a small part of being a homeowner. Freedom Mortgage can help you take care of your investment – improving your home value through cost-effective fixes or qualifying you for a home improvement loan to help with more significant additions.
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