Disclose! Disclose! Disclose!

Since the 1980s the laws regarding disclosures in real estate transactions have been growing.For agents a disclosure of whom they represent is mandatory. Is it the Buyer only, the Seller only or is the agent representing both the Buyer and Seller? This disclosure is very straightforward.For Buyers, there are fewer required disclosures wiith regard to the purchase agreement, but many with regard to the loan process. However, a Buyer must disclose whether or not the property will be his own residence or whether it is being purchased as an investment.For Sellers, the disclosure requirements are more detailed and require the Seller to disclose everything that the Seller knows about the property. For instance: additions or repairs, insurance claims, a death on the property, personal property included or not included, location in natural hazard zones and anything that a Buyer might feel has a material effect on the value of the property.The California Association of Realtors and their attorneys have created a multiplicity of forms and checklists to aid the Seller to fulfill the disclosure requirements; an important advantage that Sellers have when they employ a Realtor to handle the transaction.
Original post date December 2, 2006