Some Advice - on the House - A Primer on Real-estate Disclosures and After-sale Recourse

July 18, 2008

Dlwweb
Buying a home is often one of the most exciting and stressful events in your life. There are many things to consider. Unless you are a do-it-yourselfer, purchasing the house for renovation, you want to purchase a house that is mechanically and structurally sound and free of defects.

As you begin the home purchase process, you should keep in mind that "caveat emptor" ("let the buyer beware") is how to approach your home purchase. It is important for you as the buyer to express all of your concerns and ask the seller all questions that come to mind. The seller is obligated to answer your questions truthfully. However, he or she has no obligation to disclose defects or issues that you could find out on your own with little effort or "due diligence."

It is very likely that the house you are interested in purchasing is listed with a real estate agent. Keep in mind that the agent has no duty to inspect the house or property. An agent also has no liability for innocently passing information along to a buyer. Of course, real estate agents may not knowingly make any substantial misrepresentations.

Many real estate boards in Massachusetts use "Seller's Statement" forms to gather information from the seller about the property. These disclosure forms...

You may read more at the link below.

by: Donna L. Wexler, Esq.

BusinessWest
July 7, 2008

Download the full PDF version: