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The buyer requested that I put a top cover that was missing on the chimney stack. I hired someone to replace it. He found additional damage inside the chimney stack. I will have that fixed also. Do I need to disclose to the buyer about the additional problem?
The buyer requested that I put a top cover that was missing on the chimney stack. I hired someone to replace it. He found additional damage inside the chimney stack. I will have that fixed also. Do I need to disclose to the buyer about the additional problem?
That is a local question.
Depending on how the repairs were negotiated and the wording of the original contract, that work could probably be done HERE IN NC, without disclosure.
It would have to be disclosed in AZ as it is a material fact about the condition of the property. Your seller's property disclosure statement would need to be updated. Your willingness to fix it should offset buyer concern as long as it does not indicate more extensive issues may be present.
Material defects that the bank is aware of would have to be disclosed unless they're repaired. If you decide to walk, the bank may fix the problem and no one will ever know otherwise.
It would have to be disclosed in AZ as it is a material fact about the condition of the property. Your seller's property disclosure statement would need to be updated. Your willingness to fix it should offset buyer concern as long as it does not indicate more extensive issues may be present.
Not if fixed. I think AZ is about the same as NV. The defect is a required disclosure. A fixed defect is not.
There is, in NV, a specific exception for water and mold. Other than that if fixed it is not reportable.
If we backed out of an REO in El Dorado Hills, CA because we discovered that in 1999 the land next to the house was designated a super clean-up area by the EPA because of excessive amounts of naturally occurring asbestos, is the listing agent now legally required to disclose that information to the subsequent buyer who he claims is now buying the house for $20K more?
In California, if someone backs out of a contract because of a natural hazard was discovered by the buyer and communicated to the listing agent as the reason for backing out, is the listing agent then liable if he does not disclose the information to the subsequent buyer?
In California, if someone backs out of a contract because of a natural hazard was discovered by the buyer and communicated to the listing agent as the reason for backing out, is the listing agent then liable if he does not disclose the information to the subsequent buyer?
Probably...CA is a tell all state. But if in doubt check with a CA RE Lawyer. That is the standard out for the RE community.
Not if fixed. I think AZ is about the same as NV. The defect is a required disclosure. A fixed defect is not...
From our AZ Dept of RE:
"Sellers are obligated by Arizona common law to disclose all known material facts about a property to the buyer."
No where do they say "not if fixed." We have a question in our standard seller disclosure form that specifically asks about any known fireplace problems. As a buyer, I would want to know if there is damage to the fireplace that was about to be repaired. I may want my inspector to verify that it was repaired properly and no other damage exists.
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Failure to disclose
If we backed out of an REO in El Dorado Hills, CA because we discovered that in 1999 the land next to the house was designated a super clean-up area by the EPA because of excessive amounts of naturally occurring asbestos, is the listing agent now legally required to disclose that information to the subsequent buyer who he claims is now buying the house for $20K more?
