Residential Property Disclosure Knowledge
The Residential Property Disclosure is a great document for the current homeowner (seller) to share needed information with the prospective homeowner (buyer). There is one catch… The information is only good for the last 5 years. If anything happened prior to the last five years, it does not need to be disclosed.
It is not easy telling someone that, especially after they recently purchased a home and they find something wrong even after having a very thorough inspection. Unfortunately, something can happen right after you buy the home. Inspectors are human and can miss things. Unless there is a major issue that is going to cost thousands of dollars to fix, the cost to hire a lawyer is prohibitive.
Make sure you have some reserves held back for such an emergency situation when you buy a home. It’s not pleasant to think about, but something could go wrong the moment you are handed the key.
Caveat emptor. Let the Buyer beware