Purchasing your first home should be an amazing feeling signaling the start to a more stable future where long-term roots and dreams are established. Unfortunately, not every home buyer has this experience, especially when the home consists of serious infrastructural faults not disclosed prior to signing over new ownership.
Whenever a new home purchase is in any way functioning less than what the real estate agent made it out to be, it causes questions pertaining to the legality of the situation. Was it legal for the real estate agent not to disclose certain information about the home prior to purchase? What are my rights and entitlements? These questions are more than fair to ask and important to seek out anytime you're feeling uneasy about a high-cost decision.
Real estate disclosure obligations
Real estate agents are liable for the fair and accurate sale of a home, especially when property value is negatively affected. However, not every real estate agent is inclined to have full disclosure on a property they are eager to sell. The length of time between your purchase and the disclosure laws for real estate sales in California will help you get a better picture of where you stand on the matter.
California buyers can expect to receive disclosure information on a prospective property within a fair amount of time to review before purchase. The state law also requires buyers have access to a Natural Hazard Disclosure Report for any residential property.
Consequences for non-disclosure
Anytime a seller fails to disclose information required by state law to the buyer, legal consequences abound. It is unlawful for a real estate agent to hide facts about a home that they are under legal obligation to share. A seller may be held responsible for damages incurred by a purchaser when property defects and other property issues have not been disclosed prior to purchase. After these incidences, lawsuits are likely to occur to ensure the guilty party is held responsible for the nondisclosure and actions are taken to resolve the dispute.
What are some things you wish you knew before purchasing your home?