July 26th 2008 by Jim W Hildreth Real Estate Mediation Services
As a real estate mediator who's specialty is mediation involving real estate disputes is always important to disclose disclose, disclose.
In California there is the Transfer Disclosure statement, the supplemental disclosure and the seller questionnaire.
The seller and agents have a duty to disclose.
As an example on a recent mediation the sellers did not disclose that a home had a history of plumbing problems involving roots. Major repairs had been done and over the years ongoing roto rooter plumbing repairs had been made.
Within day's of a new buyer purchasing the home, major back up of sewage occured.
The same household seller reported the furnace to be new, in fact it was ten years old.
The same property had and has retaining wall issues.
A mediation is ongoing, if the parties cannot settle, this will go to binding arbitration.
The winners will be the attorneys if it goes to the next phase.
All three items could have been easily disclosed to the buyers prior to close of escrow.
Jim W Hildreth
Real Estate Mediation Ser4vices