Understanding the Seller Disclosures
When a seller lists their home on the market, they are required to report all known defects in the home to potential buyers, which can range from unseen mold under the shower tiles, previous water leaks or any issues with electrical, plumbing, roofing and more.
A key phrase is “all known” defects.A seller could legitimately be unaware of a defect and not be held responsible, such as a cracked foundation or a small leak that hasn’t been discovered.Your agent can get a copy of the disclosure from the sellers agent if you are thinking about making an offer on the home.
To assist the buyer, it is highly important that an inspection is done on any property that you intend to purchase. Your agent will recommend an inspector. The inspection should be thorough and will give you the peace of mind that known and unknown defects will be found.
After receiving the inspection report, you have the option to accept the property as is; ask for repairs to be made; ask the seller to credit an agreed repair amount at closings (in lieu of repairs) or you can terminate the contract.