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| *Ostroff, Fair and Company>>>Renting & Real Estate |
If you buy a house that is For Sale By Owner, can you make them sign a disclosure agreement? |
I know this has to be done if they are using a realtor, but if you buy a house directly from the sellers, are they required by law to tell you if anything is wrong with the house (bad plumbing, standing rainwater in the backyard, etc)? Yes most states have their own property disclosure forms that need to be completed by every seller, regardless of how they are selling (with a Realtor or without a Realtor). Therefore, yes they need to disclose known problems before you buy. Source(s): http://www.nomoneydown123.com/searchresu... (links to property disclosure information) Yes - that would actually benifit the seller more than the buyer since if they lied about something that is wrong with home and not disclosed it, they are liable for a long long time http://www.theforeclosuresinfo.com/forec... Yes, they are required to disclose. Even "as is" sales require disclosures if the owner is aware of problems. Keep in mind that what you might consider a problem might not be something they consider a problem (like noisy neighbors who ruin your quality of life...you'd want to know that, but you'll have a hard time finding someone to disclose that). Most disclosures are related to structual defects, problems such as termites or water damage, dry rot, roof leaks, bad plumbing, not up to code electrical, etc. Make sure you have the house thorougly inspected, make sure there was not been any unpermitted repairs/modifications done to the home. WRONG ! I see the non-professionals are at it again. You cannot force anyone to sign a disclosure agreement. Even a realtor cannot do that. You can ASK that they complete and sign a disclosure statement, but if they refuse, you are on your own. For Sale By Owner property owners are not covered under the professional real estate sales statutes of states. These statutes apply to licensed professionals only. By law they have to disclose EVERYTHING!!! If they have a problem with filling out the form, that should be a BIG red flag. Consult a Realtor to represent you. She/He can take care of all that for you and negotiate the best price on a home as well as provide information and guide you while finding the right property. You should never purchase a home without a RE professional. Their services cost the buyer nothing and you have someone looking out for your best interests. |
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