Home buyers and sellers can save a lot of time and money by taking a few minutes to understand and prevent misunderstandings and mistakes.
- Disclose, disclose, disclose. – In California, sellers are required to disclose to home buyers any and all defects, plus any other pertinent facts that may affect the value of the home. That includes revealing any issues with the building, neighbors and neighborhood, such as noise, pollution etc.
- For Downtown Los Angeles and many other neighborhoods, all potential buyers should be made aware of any known issues with the condo building; current, recent or future litigation or lawsuits; non-deeded parking; floods, leaks or water intrusion; homeless encroachments or crime; traffic and other neighborhood issues; limitations on work and noise in the building.
- Buyers should also disclose their desired purposes of the home, so that they can discuss with the seller and agents whether or not the home will be suitable for their needs.
- Real estate agents should be looking after the best interests of their clients, not just making a quick sale. Agents should disclose anything and everything that they observe or suspect about the property that might not be optimal for the client buyer or seller.
- When a dispute arises, all parties can save time and aggravation by attempting to settle the matter, reaching satisfaction for everyone sooner, rather than taking many months and tens of thousands of dollars later after lawyers start getting involved, filing lawsuits against all agents, brokers, inspectors, escrow etc. Try to settle before going to mediation or arbitration, because they are not always successful. If in mediation, try very hard to come to an agreement before going on to more expensive binding arbitration or courtroom lawsuit processes.
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Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. This is not legal advice. Always consult with an attorney for legal advice. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.