When you’ve found a house you want to buy, you’ll ask the seller for a Seller’s Disclosure report. This is a form that a seller must give a buyer, which details all physical problems and defects that the seller is aware of. This is like the car lemon law, but for houses. It’s a big crime for sellers to fail to disclose any problems they’re aware of.
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What things you have to disclose when selling a house depends on the state you live in. Some states are more stringent than others when it comes to disclosing issues. For example, in Massachusetts, home sellers are not required to disclose known problems with a home unless asked a direct question from a buyer.
A probate case requires the decedent’s property to be appraised, in order to determine the cash value of the property as of the date of the decedent’s death. The probate court needs to know the total cash value of the estate, prior to distribution of the assets. Probate cases primarily depend on professional.
· No property is perfect, but to entice buyers you want to show off the best points about the house you are selling. There are certain things that you will need to disclose, however. Your real estate agent is obliged to inform the buyer about any defects or risks relating to the house or property.
Spotlight: How much should you put down on a new home? Spotlight: How much should you put down on a new home. – At the most basic level, homebuyers must apply a down payment of at least five percent on the first $500,000 of a new home. Once the price of a home increases, 10 percent is required for the purchase price up to $999,999. For example, if the purchase price of your home is $250,000, the minimum down payment is $12,500.
Disclosing a death. Some states, such as California, South Dakota, and Alaska, require sellers to disclose this information, but most states don’t. For example, in California, sellers must disclose to buyers whether there was any type of death in the home within the past three years. But in South Dakota and Arizona,
In other words, if you have knowledge about a defect, it should be disclosed. In California, sellers are to notify buyers if a death has occurred on the property within the last 3 years. Some buyers are creeped out by the knowledge that a seller died in the house.
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