Do Sellers Have to Disclose Inspection Reports from Failed Contracts?
I read a blog that was very well written by a colleague that I would like to share with the Charlotte, NC home sellers.
Do Sellers Have To Disclose Inspection Reports From Failed Contracts?
IN NORTH CAROLINA THE SELLERS DO NOT HAVE TO DISCLOSE, BUT AS A LISTING AGENT, WE HAVE TO MAKE IT KNOWN!!
Material Fact: In its broadest sense any fact of substance relating to a property or real estate sales transaction that might affect a prospective purchaser's decision to buy the property must be disclosed.
DISCLOSE, DISCLOSE DISCLOSE!
FAQ #1 - Do Sellers Have to Disclose Inspection Reports from Failed Contracts?
I have often heard this question asked by many sellers who have their home listed on the market. Do I really need to disclose that inspection report from the buyer, who backed out of buying my home since the transaction failed to close? Of course the best answer is to Disclose, Disclose, Disclose, but sellers don’t necessarily have to disclose an inspection report that they received from the buyers, who backed out of the contract.
However, to prevent any legal actions to the sellers, any known material defect MUST BE Disclosed. Sellers will not want to be in violation of any Texas Property Code or the Deceptive Trade Practice Act. Therefore, it may be in the seller’s best interest to provide a copy of those past inspection reports, where the transactions failed to close. But watch this video presentation for more guidance about this issue with disclosing inspection reports.If you are in the San Antonio area, and you are thinking about buying, selling or renting, Contact your Local San Antonio Real Estate Agent, or visit my website at Homes For Sale in San Antonio.
Jerry Newman, REALTOR®
US Army Retired
Keller Williams Realty
San Antonio, Texas
Direct - (210-789-4216
Fax Line (210) 696-9981
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