Property owners who “overlook” issues that can affect the sale of their home can have big problems down the road.
A leaky roof. That dryrot just below ground level on one of the posts that holds up your back patio. That un-permitted room addition off of the
These are but a few examples of issues that may affect the sale of your home. Whether they were caused during the time you have owned the home or not, if you are aware of their existence, you must disclose them during the escrow process.
Why disclosure is so important.
It is a requirement that sellers disclose all KNOWN issues that may affect the sale of their property. These issues may affect not only the value of the property, but also its safety and security. That being said, the buyer has the opportunity to hire a professional home inspector during the escrow process to assess any other issues, known or unknown. They also have the right to request any repairs that may arise as a result of the inspection. The seller may accept the request, refuse the request, or come to an agreement with the buyer as to which repairs may be initiated before close of escrow. The buyer also has the right to cancel the transaction prior to the contingency expiration period should an agreement not be reached. Continue reading
Home buyers have a right to inspect the property they are purchasing, but what are the seller’s obligations regarding the inspection process?
As part of a real estate purchase agreement supplied by the California Association of Realtors (Known as an RPA-CA), there are several contingencies that must be fulfilled in order to close escrow. These contingencies include such items as loan approval, home appraisal, delivery of addendums, pest inpection, etc. These contingencies have a default fulfillment date that must be adhered to (or amended by agreement from both buyer and seller), and in some cases, they may be waived under certain conditions.
One of the most important contingencies that may be fulfilled by the buyer is the home inspection. The buyer has a right to perform a thorough, non-invasive inspection of the property they are purchasing in order to determine any defects or issues that may affect the sale of the home. “Non invasive” basically means that no dismantling or destruction of the property may take place as part of the inspection. The buyer also has the right to hire a professional home inspector, which is usually highly recommended. Continue reading