Disclosure

As a home seller in California, it's all about real estate disclosure. Through the 1960's, real estate agents represented the seller. The unwritten rule was, "let the buyer beware." The laws did not require the agent or the seller to disclose property defects. If a buyer failed to discover a major defect before the purchase, it was his tough luck.

In the past 40 years, there have been thousands of State and Federal regulations regarding disclosure. The rule has changed from "let the buyer beware" to "let the sellers and their real estate agents beware."

Fact: Lack of disclosure about a previous attic fire usually leads to a lawsuit.

Pre-Listing Inspection

Listing agents and sellers can limit their liability by scheduling a pre-listing home inspection. In our current market, buyers are increasingly more sensitive to property condition and are more than ever asking for full disclosure up front about condition and other factors that affect the value.

Real estate agents generally agree that the fewer surprises there are after a purchase contract is received, the smoother the closing will be. A seller's pre-listing inspection is becoming more popular as buyers are becoming more skeptical of issues found during the buyer's inspection and exercising their option rights to terminate the contract.

Note: Recommending qualified, experienced, certified and insured home inspectors will help minimize your liability. Our E&O insurance covers the Referring agent and their broker.

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