Do You Know What's Lurking Behind The Door Of Your New Home?
Posted on: 10 March 2021
Those in the market for a home already know that all homes have quirks and peculiarities. It might be charming, for example, to find out that a home has a hidden door in the wall. When it comes to finding out exactly what might be lurking in a home, what the seller must tell you can vary. It pays to know as much as possible about a home before you go through with the purchase so read on and learn what you have a right to know before things go too far.
Federal Law Requirements
When it comes to legal requirements, each state sets its own standards for real estate purchases. Only one federal law covers all states and that has to do with the presence (or potential presence) of lead-based paint in the home. This disclosure has become commonplace, even with rental homes, but it should not be taken to mean your home necessarily has lead-based paint. If the home was built prior to 1978, you will automatically be warned of the possibility of lead-based paint. You can have the paint tested for lead for peace of mind.
Material Facts
This category includes state and local information about a home that should be passed on to the buyer. A material fact is one that, if known by the buyer, could influence their decision to buy. For example, if you are considering a home in a flood-prone area, that fact should be disclosed to you before you purchase the home. Other natural hazards that you might find disclosed include:
- Hurricanes
- Earthquakes
- Landslides
- Volcanoes
Other material facts that need to be revealed can be connected to the location of the home. In some areas, the noise from a nearby airport could be a problem and the buyer should be informed about it. Other location issues might include homes near environmental clean-up sites, dumps, or heavy industrial areas.
What Buyers Need to Know
You should not count on sporadic and spotty rules about the disclosure of hidden issues. Make a list and do some research on your own. Along with the issues mentioned above, ask about the following:
- Pests — Some states require homes to have a pest (particularly termite) inspection and bond but not all do.
- Mold — If mold is present or has been present in the past, it's best to know about it.
- Repairs — Ask about any big repairs made on any of the home's major systems like the electrical, plumbing, roof, foundation, and others.
Ask your real estate agent about disclosures today.
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