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Full Disclosure ~ A Letter to Sellers (and their agents)
Being under contract is never dull. But one recent transaction that I was involved with highlighted one of the more concerning aspect of the home purchase process: the reliability of sellers’ disclosures. Below are a few choice items that were missing from these particular sellers required disclosures, but that anyone who has ever read a Nancy Drew or Hardy Boys book could figure out at first sight of these clues:
· When your family brushes their teeth and keeps all other toiletries in and around the kitchen sink, the bathroom plumbing is probably not working properly.
· When termites swarm inside your house in broad daylight, you probably have an active infestation.
· When black mold is growing on your living room wall in plain sight, you might have a mold problem.
I will leave my readers to surmise whether these particular sellers were less than forthcoming on their sales disclosures. My point instead is this: I have very rarely seen a transaction fail because of an issue spelled out in a disclosure. I have however seen many contracts to purchase fail due to the buyers discovery of non-disclosures of known material issues.
A purchase and sales agreement based upon ... more
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