The Top 5 Disclosure And Property Inspections Questions By Homeowners

In today's real estate market and increasing number of homes
are "Sold-As-Is" via public auction.

The term is used to indicate the seller shall have no
obligation to make repairs to the property and the buyer
purchases the property at his/her own risk. Even if the
purchaser agrees to buy the property in "as is" condition, the
buyer should request the right to conduct an inspection prior to
closing, in order to ascertain the nature and extent of any
structural or other damage. Should an inspection reveal the
property to be in a state of decay beyond repair, the buyer must
retain the right to terminate the contract and be refunded the
"Earnest Money."

This is however not the most way most homes are sold.

"Caveat Emptor." A common law concept from the Latin that means
"let the buyer beware." It expresses the general concept that in
the absence of any misrepresentation, the buyer must examine the
goods or property and purchase at his or her risk.

So home buyers, never assume that a home, be it new or a resale
home, is devoid of problems or that a home was built correctly
because of the involvement of a municipal building department
and the department's inspections, or has no flaws because
someone else has lived in it before.

Before any purchase do the proper research and inspections.
According to RealEstateWiki.com the top five most frequently
asked questions regarding inspections and disclosures are:

• What Happens If The Seller And Buyer Cannot Agree On Who Is
Going To Fix The Defects?
• What Environmental Hazards Must Be Disclosed, Especially In
Older Homes?
• Is The Walk-through Necessary?
• Does The Seller Have To Disclose The Homeowners Association
Bylaws And Fees?
• Should I Read The Termite Report Before The Closing?

When selling a home is firstly about finding a "ready, willing
and able" buyer according to Real Estate Wiki. This phrase is
used in real estate transactions to refer to a prospective home
buyer of property who is legally capable and financially able to
consummate the deal.

Traditionally, a real estate broker earns a commission upon
procuring a "ready, willing and able" buyer on the listing
terms, regardless of whether the seller actually goes through
with the sale.

The "ready and willing" means the real estate broker has to
produce a buyer who indicates that he or she is prepared to
purchase the property and is willing to enter into a purchase
contract. The "able" refers to the buyer's financial ability to
comply with the terms of the contract related to the purchase
price, loan approval and cash payments.

Secondly when buying or selling a home it is vital to ensure
that you have all the facts and information about the property
and neighborhood in questions. Also ensure that you have a
understanding of all the real estate terms in the listing
agreement, purchase agreement, etc.

For a quick and easy search of over 3,000 terms and real estate
acronyms, as well as answers to over 800 important home buying
and selling questions, visit RealEstateWiki.com.

About The Author: Real Estate Wiki
(http://www.RealEstateWiki.com) is the largest, free online
encyclopedia in the real estate industry for home buyers and
sellers, home owners, renters and the millions of professionals
that serve the real estate brokerage, mortgage and related
industries.

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