The limited time that you have to inspect the property that you intend to buy exposes you to the risk of picking up a defective property. And whether you are buying a home for your loved ones or simply purchasing real estate with the intention of flipping it, this can cause you to not only lose a lot of money, but also put your loved ones at at risk.
Luckily, the law recognizes that you are at a disadvantage -- information-wise -- and requires the seller to let you know of significant defects that are on the property that they intend to sell you. Here is what you are entitled to when buying real estate.
Information that relates to material defects
The person selling you a home can mislead you into entering into a real estate deal by simply concealing defects in the property. For example, if there are foundational cracks on his or her property, applying a fresh coat of paint can hide these defects. And since foundational cracks are usually a sign of a flooding problem, this is something that will be hard to detect.
In most states, the law recognizes the potential of being misled and requires that the seller discloses any significant defects with the house. This includes foundational problems, a leaking roof and susceptibility to hazards such as fires, earthquakes, and floods.
Information that relates to safety
It is almost impossible to get a clear picture of the safety of a home or its environs within the time that one usually has before buying a property. And since factors such as the presence of sex offenders in neighbouring properties can vastly affect both peace of mind of your loved ones and the value of your property, the seller is supposed to disclose this information.
The presence of lead in a property also poses health risks to the occupants. Your loved ones getting exposed to lead-based paint and any other forms of harmful metals will cause you to pay for expensive medical treatments. Offloading such a property will also be difficult as potential buyers tend to shy away from properties that pose significant health risks. This will lead to significant real estate losses.
The right to sue for nondisclosure
You have a right to sue the seller if he or she fails to disclose defects that they are required to. If you end up spending money to make the necessary repairs, you can ask the court to compel the seller to compensate you. You can also seek compensation in case the seller failed to notify you of a health hazard such as lead paint. And if you are no longer interested in the property, you can also ask the court to void the contract, something that will then entitle you to have your money back. For more information, contact a real estate lawyer such as John M. Ogden.
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