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I beg to differ.......his comment was that disclosure was not required where he lived and l explained what was involved where l used to live. Apparently lying and fraud are acceptable in real estate transactions where he lives which means it's gotta be a pretty backward area/state.
It is a huge leap from nondisclosure to lying and fraud.
In several of my sales, I was surprised at what little came back after the inspection. Knowing my houses as I did (some of it is personal taste), buyers asked for very little. I would have been much tougher had I been the buyer.
I see numbers like we fought/argued over a few thousand dollars. Much of it is chicken feed amounts. A $300K purchase and people anguishing over $1,500.00. Hell, that could be a decimal mistake.
I beg to differ.......his comment was that disclosure was not required where he lived and l explained what was involved where l used to live. Apparently lying and fraud are acceptable in real estate transactions where he lives which means it's gotta be a pretty backward area/state.
You need to reread Rakin's post and see the portion that he quoted which was the first part. He disagreed, as do I, that most contracts have a repair amount negotiated in them. Not true at all on the West Coast. This is a national forum and so how they do contracts in FL and NJ isn't indicative of most contracts across the country.
I lived in New Jersey for 64 years and moved to Florida 2 years ago.....but was deeply involved in real estate service for about 25 years. It was standard practice that selling agents obtain a disclosure statement from the seller involving scores of questions regarding the condition of the home and the major systems as well as structural and environmental concerns. If the seller doesn't disclose any defects they have knowledge of then that's fraud and if fraud is proven then the buyer is automatically awarded triple damages. It used to be buyer beware but today it's turned and is now seller beware if they don't disclose. As Is doesn't mean the seller isn't required to disclose any defects they have knowledge of. Additionally, within the typical New Jersey contract that the seller warrants that all the major systems are in good operating condition unless otherwise disclosed. For those of you who feel that it's acceptable to hide known flaws or defects And commit fraud l don't know where you live but clearly it's not in the 21st century or anywhere a conscience exists. Bottom common sense line on this issue is that when the law suits start flying I'd much rather be explaining to the judge/jury why I chose to disclose known defects than why l didn't.
Understand. What is not part of most contracts is a agreement for an amount toward repairs.
I suspect in ever state the seller must provide a disclosure.
Understand. What is not part of most contracts is a agreement for an amount toward repairs. .
Perhaps where you come from it's not but in New Jersey it was part of the standard realtors contract used throughout the state. It was there to eliminate exactly what the OP is describing. I believe the standard amount used was $1500.
It is a huge leap from nondisclosure to lying and fraud.
Your position makes no sense. If a seller is required to fill out a disclosure statement and either doesn't disclose known defects or gives false answers what's the use of a disclosure statement. Sorry but purposely giving false information on a disclosure statement in an attempt to hide the truth from a potential buyer then that's lying and fraud where l come from and to most others l would guess. If it's not then please explain to me how it isn't ?
Your position makes no sense. If a seller is required to fill out a disclosure statement and either doesn't disclose known defects or gives false answers what's the use of a disclosure statement. Sorry but purposely giving false information on a disclosure statement in an attempt to hide the truth from a potential buyer then that's lying and fraud where l come from and to most others l would guess. If it's not then please explain to me how it isn't ?
"No representation."
Neither false nor fraudulent.
Quite legitimate and acceptable where I live and practice.
Is the seller aware of a problem? Three choices are baked into the NC REC property disclosure:
Yes. No. No Representation.
No Representation is precisely the embodiment of caveat emptor.
I beg to differ.......his comment was that disclosure was not required where he lived and l explained what was involved where l used to live. Apparently lying and fraud are acceptable in real estate transactions where he lives which means it's gotta be a pretty backward area/state.
Not if you are referring to the comment which you quoted. He specifically quoted only the first portion of your comment, the portion regarding a section in the contract where an amount to be paid towards repairs is in the original purchase agreement. Reread his post. His state (and mine) has had disclosure laws for a very long time.
Perhaps where you come from it's not but in New Jersey it was part of the standard realtors contract used throughout the state. It was there to eliminate exactly what the OP is describing. I believe the standard amount used was $1500.
I've been a licensed & working real estate agent in NJ for 12 years, and that "standard" clause and amount has never been part of any contract I have seen or used. Were you in South Jersey? I understand things are very different down there. Or perhaps it was just your brokerage?
Your position makes no sense. If a seller is required to fill out a disclosure statement and either doesn't disclose known defects or gives false answers what's the use of a disclosure statement. Sorry but purposely giving false information on a disclosure statement in an attempt to hide the truth from a potential buyer then that's lying and fraud where l come from and to most others l would guess. If it's not then please explain to me how it isn't ?
NJ does not require a seller to complete a disclosure form. That fact is actually printed on the disclosure form we use. My company absolutely prefers it, and we ask all our seller clients to do so, but there is no legal requirement they do so.
It is, as you say, illegal to lie on that form if you choose to fill it out.
Last edited by Bill Keegan; 11-17-2013 at 05:50 PM..
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