With the beautiful coastlines of North Carolina, it’s no surprise that many people want to invest in residential homes. Whether you’re buying a summer home or your primary residence, your real estate agent should be able to provide you with a seller’s disclosure document. It’s important that you understand how to read this document and what’s included in it so that you are going into the buying process with the right intent.
What’s included in the seller’s disclosure?
Real estate seller’s disclosure documents are a way for potential buyers to understand any instances, costs and household problems with a property before they buy it. Each state typically differs in what they require a seller to disclose about a home. However, most of them require the same basic things.
Any current issues or known past issues like water damage or expensive repairs to the property or home will be included in a seller’s disclosure agreement. If there are any fees for the property, such as from a homeowners association or HOA, they will be stated in this Disclosure. The seller must inform you of any known hazards to the property like toxic waste, lead-based paint, radon or even asbestos.
The importance of reading over this document
As a buyer, it is crucial that you take the time to completely read through the seller’s disclosure agreement. You may find that there are some adverse items in the document that may make you rethink the buying price or even purchasing a property in general. It’s best to understand these issues prior to transferring money to buy the property.
Seller disclosures are a great way for everyone to get issues out on the table before a property is sold. Almost all the states require that some sort of disclosure agreement is made available to any potential buyers of the property. It’s best to check with your local real estate agent to determine what’s required to be put in a seller’s disclosure document in your area.