A real estate non-disclosure agreement is a legal tool that’s commonly used in real estate...
The hot real estate market and fear of missing out shouldn’t cause homebuyers to overlook red flags during the home-buying process. This could cause serious headaches in the future. Missing warning signs that are obviously present could impact future legal rights when filing a potential lawsuit.
The Home Inspection Process Protects Buyers
The home inspection is a buyer’s best friend when buying a home. Buyers desperate to buy a home are more frequently either waiving the inspection or paying less attention. This is a big mistake. Buyers will usually have to pay for repairs when they discover problems after they buy a home, unless the seller tried to hide the defects.
Buyers Should Pay Close Attention to the Wood and Foundation
Some of the biggest things to check are a home’s foundation and the integrity of the wood. Things such as moisture, termites, and carpenter ants can impact wood, causing it to rot over time. This is very expensive to replace. Rotting wood that is readily apparent is often a sign of more serious problems. This problem can occur inside and outside of the home. Cracks in the foundation can make a home structurally unsafe and require major work to remedy. A Buyer sure to hire an experienced and thorough home inspector, including one that can do a pest inspection, to help with the Buyer’s due diligence.
Water Is the Homebuyer’s Bane
In general, buyers should be vigilant about moisture. Water is one of the biggest enemies of a homeowner, causing massive repair bills. Buyers should pay close attention to whether there are water spots on the floors and/or ceilings, as these are signs of leaks. Water will damage floors and wood, and can eventually cause a severe mold problem. A small leak today can become a major flood in the future. Again, a good home inspector should help a Buyer discover potential signs of water damage, including past or active leaks.
One Should Inspect the Workmanship
In addition, Buyers should look at the quality of workmanship in the home. Some sellers may attempt DIY repairs before selling a home to give the appearance that the home is in good condition. However, they may lack sufficient expertise to do a good job on these repairs. Shoddy workmanship is a sign that the homeowner may be doing quick work to cover up problems that are far worse. Also showing what buyers can expect elsewhere in the home.
Beware of AS-IS Provisions
Buyers should be reluctant to sign “AS-IS” provisions, or at the very least, should have a real estate lawyer review the provision before it is executed. Certain language in this type of provision could have negative implications for a Buyer’s claim against not only the Seller but potentially other third parties. A Buyer needs to clearly understand the consequences of signing an “AS-IS” provision before moving forward.
Buyers who have issues with defects that they discovered after buying the home can contact a real estate lawyer. They may be able to file a lawsuit against the seller or builder of the home depending upon the factual circumstances.