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Disclosure Laws >Potential Problems
Every house has some "quirks", and some have material defects that may affect the sales agreement or the asking price. Placing a less-than-perfect house on the market is fine as long as you and your real estate agent give the buyers information on any "hidden defects".
Most litigation in real estate transactions involves the buyer suing the seller for failure to disclose a problem. Whether it is a leaky roof, dry rot, plumbing or heating problems, or a wet basement, most courts do not apply the "let the buyer beware" rule to real estate transactions. Even if the buyers had a structural inspection and you sold the property "as is," you may be held responsible for undisclosed defects.
Sellers have an obligation to disclose both obvious and hidden defects. Courts have not been sympathetic to sellers who have lived in a house and are in a position to know what works and what doesn't, but do not fully reveal the facts. This is one area where honesty is the only policy. Ask your agent for help if you are unclear about any aspects of the disclosure form.
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What is the busiest airport in the world?
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According to the Airports Council International, the Hartsfield International Airport in Atlanta, Georgia is currently the busiest airport in the world, serving 76.87 million passengers per year. |
See More Real Estate Trivia > |
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Scott Team Real Estate RE/MAX Pembroke Realty Ltd. 182 Pembroke Street East Pembroke, ON Canada K8A 3J7 Phone #: 613-732-3601 613-735-8188 866-735-8188 Fax #: 613-732-0999 Drew Scott: Drew@ScottTeamRealEstate.com James Scott: James@ScottTeamRealEstate.com
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