Disclosure And Property Inspections Questions By Homeowners

by : Gatekeeper

In today's real estate market and increasing number of homes are "Sold-As-Is" via public auction.

The term is used to indicate the seller shall have no obligation to make repairs to the property and the buyer purchases the property at his/her own risk. Even if the purchaser agrees to buy the property in "as is" condition, the buyer should request the right to conduct an inspection prior to closing, in order to ascertain the nature and extent of any structural or other damage. Should an inspection reveal the property to be in a state of decay beyond repair, the buyer must retain the right to terminate the contract and be refunded the "Earnest Money."

This is however not the most way most homes are sold.

"Caveat Emptor." A common law concept from the Latin that means "let the buyer beware." It expresses the general concept that in the absence of any misrepresentation, the buyer must examine the goods or property and purchase at his or her risk.

So home buyers, never assume that a home, be it new or a resale home, is devoid of problems or that a home was built correctly because of the involvement of a municipal building department and the department's inspections, or has no flaws because someone else has lived in it before.

Before any purchase do the proper research and inspections. According to RealEstateWiki.com the top five most frequently asked questions regarding inspections and disclosures are:

&bull What Happens If The Seller And Buyer Cannot Agree On Who Is Going To Fix The Defects?
&bull What Environmental Hazards Must Be Disclosed, Especially In Older Homes?
&bull Is The Walk-through Necessary?
&bull Does The Seller Have To Disclose The Homeowners Association Bylaws And Fees?
&bull Should I Read The Termite Report Before The Closing?

When selling a home is firstly about finding a "ready, willing and able" buyer according to Real Estate Wiki. This phrase is used in real estate transactions to refer to a prospective home buyer of property who is legally capable and financially able to consummate the deal.

Traditionally, a real estate broker earns a commission upon procuring a "ready, willing and able" buyer on the listing terms, regardless of whether the seller actually goes through with the sale.

The "ready and willing" means the real estate broker has to produce a buyer who indicates that he or she is prepared to purchase the property and is willing to enter into a purchase contract. The "able" refers to the buyer's financial ability to comply with the terms of the contract related to the purchase price, loan approval and cash payments.

Secondly when buying or selling a home it is vital to ensure that you have all the facts and information about the property and neighborhood in questions. Also ensure that you have a understanding of all the real estate terms in the listing agreement, purchase agreement, etc.

For a quick and easy search of over 3,000 terms and real estate acronyms, as well as answers to over 800 important home buying and selling questions, visit RealEstateWiki.com.