How do real estate property disclosures help buyers?

05 Sep, 2019

On Behalf of Mack & Mack Attorneys | real estate

As a home buyer, you want to know everything you can about a house in a South Carolina neighborhood before you buy it. One of the key documents that tells you about a property is a property disclosure. As explained by Forbes, property disclosures are offered by sellers at open houses and are used to inform buyers about problems with a house before buyers commit to bids.

A property disclosure can list just about any structural or physical feature of the home that may have a problem or defect, from windows that leak to problems with the roof. While these disclosures should be handed out at open houses, sometimes a person does not receive one automatically. Buyers who do not receive a disclosure report should ask for one and take it home to carefully examine it.

The fact that a home has problems does not immediately mean that the house is too problematic to buy. Some buyers feel they can fix up the problems listed on the disclosure without burdensome cost or effort. As the Forbes article points out, no house is going to be flawless, and if anything, buyers should regard blank disclosures as more suspicious than a property that has some problems.

Even though some buyers feel they can repair the flaws described in a disclosure form, other buyers may take the opportunity to look elsewhere. However, there are buyers who are still uncertain at this stage and may have questions. People in this situation can ask the listing agent for additional information or clarification. It is important to be timely in doing so, as another buyer may make a bid if you ponder the matter too long.

This article is written to provide information on this topic and is not to be interpreted as legal counsel.

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