Plano Real Estate Disclosures

Author: Admin

Author: Admin

By law, Plano real estate agents cannot fill out a property disclosure form for a seller unless that agent is the seller or a direct party to the transaction. Unfortunately, that doesn't stop some uninformed agents from filling out these property disclosures on behalf of their seller clients and in doing so, opening themselves up for lawsuits and penalties from the State Real Estate Commission. Federal Disclosures

Each State has its own laws regarding property disclosures, so the forms will vary depending on where you live. A federal disclosure such as the Lead Based Paint Disclosure is required for all transactions for houses built prior to 1978. This disclosure gives the buyer 10-days to conduct inspections for lead-based paint, unless that time period contingency is waived in writing. Material Facts

A material fact is anything that may affect a buyer's decision to purchase a property affect the price and terms the buyer may offer. If you have knowledge about a defect in the property, it must be disclosed, period. External Disclosures

Some states require disclosures about items that affect or could affect the property such as: Earthquakes Natural Hazards Zoning Changes Flood Zones Death Crime Fire Hazards Noise Pollution Ground Pollution Due to the large number of lawsuits, most local Association of Realtors, publish a number of disclosure forms to help protect home buyers. Foundation Problems

This is a huge issue in many areas of the country because of problems surrounding wet basements and defective slabs. What About Rumors?

Generally, when selling Plano real estate, if you have knowledge of a defect or material fact, then you must disclose it. If a neighbor repeats a rumor, and you have not verified or disproved it, you may want to consider telling the buyer about the rumor. The best thing to do is to always follow the Golden Rule. If you would like to know something as a Plano home buyer, then your buyer probably will want to know as well. Generally, home buyers aren't upset by negative information. They get upset and call a lawyer when they feel they have been deceived or lied to. If you are utilizing the services of a Plano Realtor make sure that they disclose everything about your property to any and all potential buyers. They may even disclose some of these things in the Plano MLS so that there is written evidence of such.About the Author:

Our Company and our Team of Professional DFW Real Estate Agents specialize in DFW Real Estate, Residential Real Estate, First Time Home Buyers, Condos, Luxury Homes, New Homes, Builders, Commercial, Industrial, Offices, Lots/Land, Multifamily and Investment properties. VIP Realty Platinum's Agents are among the best in the industry. They are results-focused, quality-driven professionals serving the real estate needs in the Plano Real Estate and Dallas Real Estate market.

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