Investing in a home is a major life purchase and often the largest financial decision you’ll make. Even when you find your dream home, the worry of future repairs can cause hesitation. Fortunately, there are laws meant to protect homebuyers from the consequences of undisclosed defects.
1. Property disclosures will help you make an informed purchase
The seller will provide a property disclosure statement to a potential buyer before an offer is made. In this legal document, the seller states all known property defects. The seller is required to disclose all known deficiencies that would be considered “material defects”. When buyers fully understand all defects of the home they are about to purchase, they can weigh the positives and negatives to do what’s best for their needs and budget.