Residential Property Disclosure Knowledge

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