[Homestead] Check out the neighbors!
genegerue at ruralize.com
Mon Jun 12 08:01:22 EDT 2006
>. . . in this state [Tennessee] if you sell real estate and there
>are troublesome neighbors nearby, you are obliged to tell the
>buyer. Real estate agents are required to ask sellers about the
>neighbors and are required to pass the information along to potential
>buyers. Failure to do so is actionable.
Good rule. I hope it spreads fast. I suggested to my Arkansas
correspondent that she write to the state attorney general's office.
In Arizona a listing seller must complete a long property disclosure
statement that must be read and acknowledged by the buyer.
Occasionally checking "I don't know" is acceptable, although I
suspect most judges would get cranky if the litigant's lawyer
provided high probability of knowledge. If someone has lived in a
house for years it is likely they know what's what.
I expect most states also require a disclosure statement or will soon
do so. There are still pockets of incompetence, as in any profession,
but Realtors have had substantial success in making transactions
honest. One of the items of controversy today is home inspections. As
a relatively new requirement it is not well established. Inspector
certification is new. But, one more time, every profession has good
people and bad people. One of a Realtor's obligations is to be able
to recommend competent home inspectors, termite inspectors, escrow
people, mortgage people, insurance people, surveyors, well drillers,
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