Rules of Real Estate Disclosure? (Kingston: houses, buying, inspector)

[inamess]

I was informed they owned the property the day I first view the property but the MLS from Realtracs.com did NOT state Owner/Agent. When I signed the Contract to purchase/offer, pending financing, then I signed a Confirmation of Agency Satus; Tennessee Association of Realtors TAR. I have filed a complaint with TREC but apparently nothing was done. Oh yes, they recieved Commission the day they bought it from HUD , then a Commission when they sold it to me. I really don't care how much money they recieved, I just wish they had been up front and Honest!

[hilly7]

It should be disclosed that they were owner agents not only from the ads but also there is a form you should have signed and have a copy of disclosing personal interest. If you did not get copies of everything you signed you should have and can still request.

[cmom56]

What I have learned about TN real estate Laws: They surpass lax--to almost non-existant. 1- Hiring a 'pest inspector'? I found out today they do not have to be licensed. Also, not only should YOU inspect the house for termites--also powderpost beetles (which is NOT covered under your inspection because the only thing they (including the law) recognize are termites) because these beetles do as much damage and as much destruction as a termite. 2- It does not matter what contract you sign or HOW the contract is worded with the realtor (especially one that will 'do anything to sell the property') legally you have NO standing with the courts. And it does NOT matter HOW many 'professionals' you hire to dispute everything the original 'professionals' did or how many documents you have that dispute the orignal contracts. 3- DO NOT move to a small town in TN as everyone is related and/or knows everyone within a 50 miles radius and YOU don't stand a chance when it comes to a fraudulent real estate deal. Don't get me wrong I have met some wonderful people in this area--but the business people are nothing short of greedy. We can't sell this house as is now, as we found out that the real estate agent lied about the land lines, --even though it was surveyed before we signed, they pulled out the stakes for the boundries--as the well is not on our property and the septic system is illegal according to TN law, the seller lied on the disclosure statement, both house and pest inspection reports were lies, we were NOT allowed on or in the property the day of closure and THEN threatened we would be sued if we did not show up at closing. I wish you luck. I am heading back north where contracts mean something in the legal system and where there are atty.s that look out for your interests.

[mbmouse]

Ouch! That sounds like an awful experience for sure! Can I ask what town this is in?

[bbkaren]

That does sound awful! It sounds to me like the only thing that could've prevented that problem would be to have the survey and testing done yourself since you couldn't trust the seller's reports, huh?

(Maybe the aggravation we're going through since the seller doesn't have ANY records on the property we're buying, is actually a blessing in disguise).

[inamess]

In my case the Real Estate agents was the owners & sellers of the property I bought. They did NOT inform me of MAJOR DEFECTS "within" and/or "on" the property/house/land. Property Drainage Issues, MOLD inside of the home, Mold inside crawlspace, cracks in foundation/footer, Sump Pump (they installed due to a min. of 8" of standing water) ALL of this: "Required/Must be Disclosed" My case: Consumer Protection Act, Breach of Contract, Misrepresentation, Code of Ethics with TREC and Board of Realtors. The poor or rich should NOT be subject to living with or around MOLD and should be informed of MAJOR DEFECTS within a home before purchase. FLIPPING homes is fine BUT do NOT do it at the risk of someones life and lets TELL ALL before signing the papers.

[SheBee]

We bought an unimproved lot a few months ago. At the time we asked the sellers' realtor if there is an HOA because the property looked as though it might be part of one. We were told no, that there was no HOA and no dues. Today I got a letter from an HOA informing me that we are now in arrears on dues we knew nothing about. If this had been a house sale I would have gone through the usual channels - inspector, real estate lawyer, etc, - but because it was a relatively straightforward deal it didn't seem necessary. If I had been told there was an HOA I would have demanded copies of the covenants and by-laws as a part of our due dilligence.
My buyers realtor is checking with her broker, but I'm wondering if we have any recourse here against the seller? We live 12 hours away from this property, in another state.

[mickimouse]

Originally Posted by SheBee

We bought an unimproved lot a few months ago. At the time we asked the sellers' realtor if there is an HOA because the property looked as though it might be part of one. We were told no, that there was no HOA and no dues. Today I got a letter from an HOA informing me that we are now in arrears on dues we knew nothing about. If this had been a house sale I would have gone through the usual channels - inspector, real estate lawyer, etc, - but because it was a relatively straightforward deal it didn't seem necessary. If I had been told there was an HOA I would have demanded copies of the covenants and by-laws as a part of our due dilligence.
My buyers realtor is checking with her broker, but I'm wondering if we have any recourse here against the seller? We live 12 hours away from this property, in another state.

Did you get a copy of the disclosure form? If so look at it and see if there is any mention on there, if not I feel that the selling agent should be resposible for those statements. If it's not on the disclosure then the property owner should be resposible since they didn't disclose the fact. Your buyers agent should be able to look on the listing to see if it was listed on there.

[Beretta]

I agree. If there was no disclosure by the owner/seller, or there was no disclosure by the realtor then you have a case. At any rate, the owner of the property is ultimately responsible for checking all documents at closing and making sure that all disclosures applicable are on the table. I am not a professional, this is just my experience from 20+ years of buying and selling. Good luck and keep us posted.

[Eat]

Where is this property located?

Is this a large development? Almost all local agents have personal knowledge of whether or not a particular subdivision has a HOA. Your Buyer's Agent should have been on top of this.

In your position, I would consult a local real estate attorney at the first opportunity. FWIW, in Tennessee you have up to seven years to file on real estate matters, depending on exactly what the issue is.

I am not an attorney, nor am I a real estate professional.