When you moved into your home, it was probably a day of wonder—along with much to do, from decorating to dealing with the HOA, lawn maintenance, insurance, and more. Even with all the headaches involved in homeownership, it is a wonderful feeling to have a residence that is all yours, and where you make the decisions. This is a place where you can relax, let your hair down, and have privacy, as well as peace of mind in knowing that you have an investment in the future. As we all know though, things can change—and sometimes quicly. You may have had a job offer in another state, or you may need to move to be closer to family. Suddenly, a real-estate sign is planted in the yard and boxes are being packed. A whole new host of issues are presented to you in a complete reversal of the moving-in experience—but one thing remains the same: you want to have peace of mind in knowing that all is well. This means passing on all pertinent information to your buyer, in the form of full disclosure.
Most regions in the US have unique issues, and are usually related to weather. You may live in a tornado alley, a summer hurricane zone, or an area well-known for flooding at different times of the year. California, of course, is well-known around the world for earthquakes. And while disclosure is important, you may find that buyers bring up the issue before you even have a chance. Your real-estate agent will of course outline your obligations for you, and should provide you with the proper forms to fill out.
You are not required to predict whether there could be an earthquake that would affect the home you are selling. You are, however, required to disclose any information regarding previous damage caused to the home by an earthquake, as well as other issues like fire, flood, or a landslide. Knowledge of earthquake damage is only one small part of the disclosure form. You will also need to alert a future buyer to any problems with appliances, as well as nearly every system and component in the home. Find out more about that here. Keep in mind also that if you do not offer the required disclosure information by closing on the property, your buyers do have the right to back out.
If you have questions about a legal issue regarding real estate, please call Shane Coons now at 949-333-0900 or email us at Shane.Coons@seclawoffices.com. We will be glad to meet with you to review your case and explain your legal options. Our office is here to help!