When purchasing a home, you want to collect as much information as possible. This often comes in the form of real estate disclosure statements.
With real estate disclosure documents in hand, you have a better idea of what a home has to offer, including anything that may be wrong now or went wrong in the past.
Just the same as a disclosure protects the buyer, it also does the same for the seller (as long as they provide accurate information).
Here are some of the many questions to answer regarding a real estate disclosure:
- What is included in a real estate disclosure? This depends on many factors, including the state in which the seller lives and the condition of the home. Fortunately, the seller's real estate agent can walk them through the process.
- What do sellers disclose? This can include everything from renovations to upgrades to known problems.
- Is a real estate disclosure the same as a home inspection? A disclosure is given to potential buyers to provide an overview of the property, based on their knowledge. A home inspection, however, is conducted by a third party with an eye toward uncovering any problems or potential issues.
When buying a home, make sure you review the real estate disclosure in its entirety. If there is anything you don't understand, be sure to ask. Also, you'll want to opt for a home inspection should you decide to move forward with a purchase.
If you later find that the seller lied on the real estate disclosure, you may want to learn more about your legal rights.
Source: Zillow, "5 Things You Need to Know About Real Estate Disclosures," accessed Aug. 18, 2017