Buying any piece of real estate, from a home to a commercial property, is one of the biggest decisions you will ever make.
In addition to all the challenges you currently face, such as securing financing, you also need to concern yourself with a seller who may not be telling the full truth.
As a buyer, you should never take the seller’s word. Instead, you need to do your homework to ensure that you know exactly what you are getting.
A seller disclosure is supposed to outline anything that is wrong with the property. In a residential property, this could be anything from termites to a leaky roof.
But get this: Some sellers think it is okay to lie on the disclosure, as they don’t want to lessen the likelihood of making a deal. While this can benefit the person selling the home, it doesn’t do anything for the buyer.
Your job is simple: to catch any and all lies and problems before the closing. If you are able to do so, you can hold the seller responsible for his or her actions. At the very least, you can make the seller address the problems before you sign on the dotted line.
If you purchase real estate, just to find that the seller lied in some way, you should learn more about your legal rights. If nothing else, you want to consider the steps you can take to receive compensation for the actions of the seller. With the right approach, you may be able to hold this person responsible, such as by filing a lawsuit.
Source: MarketWatch, “Don’t fall victim to a lying home seller,” accessed June 01, 2017