11 Things First Time Home Buyers Should Know About the Seller’s Disclosure Notice
Hello again and welcome! We just love having you visit with us. As a first time home buyer, if you choose to purchase an existing home, you will receive the seller’s disclosure notice as a part of your initial paperwork, once you have found a home and before you submit an offer on the property. Here are a few thing to know about that 5 page document.
The purpose of the Seller’s Disclosure Notice is to have the sellers of the property disclose all facts and defects concerning the property.
The notice is not required when purchasing a brand new home.
The home seller is responsible for the accuracy of the information on the notice.
The disclosure can be used as a defense in a Deceptive Trade Practice (DTPA) lawsuit.
The document must be filled out by the seller, not the seller’s agent.
The disclosure must be received by the buyer before making an offer.
The agent is to encourage honest and full disclosure.
Certain disclosures, while not required, can be made at the discretion of the sellers or their realtor. For example, a property where there has been a murder, alleged haunting or is in the vicinity of a known sex offender.
Some information is prohibited under state or federal regulation from being relayed to a potential home buyer, seller, and/or their agent. For example, it is prohibited to disclosed if a previous or current occupant had, may have had, has, or may have AIDS, an HIV-related illness, or an HIV infection as defined by the Centers for Disease Control and Prevention of the United States Public Health Service.
As first time home buyers, it is best to ask as many questions as possible. Buying a home is a big financial responsibility. You want to be 100 percent about your decision. So ask away.
It is your agent responsibility to discover and disclose possible problems with a property, although this responsibility is limited to areas accessible for visual inspection.
As a real estate broker, I go above and beyond when representing my clients. I share everything I know about a property. Everything. I have had buyers changed their minds about buying certain home because of this.
Remember, you can only make the right decision when you have all the right information. In addition, always, always, (not a typo) make sure you are working with an agent that is looking out for YOUR best interest and not theirs. Always.
We at First Home Houston is always looking out for your best interest. As always, we thank you for stopping by. Until next time… Diana.
