B) Joint and several liability means that each of the individual owners is personally responsible for the total damages. Joint and several liability means that each of the individual owners is personally responsible for the total damages. In addition, the agent is responsible, along with the seller or lessor, if the seller or lessor fails to comply; unless the failure involves specific lead-based paint or lead-based paint hazard information that the seller or lessor did not disclose to the agent. But youve never seen one, or they were missed by an inspection (or maybe there never was an inspection). The property buyers have an interest in getting the deal closed as well, and often overlook minor issues. A) This demands that you be aware of all the disclosure requirements and that any mistake can cost you dearly. creates distress and confusion among sellers. The answer is it is a minor problem in the United States. C) Especially if you want to avoid a lawsuit down the line. If the buyer later discovers that a repair job was botched, you could be on the hook for additional repairs. home appliances. Contamination from underground storage tanks is. All residential housing built before 1978 must be tested for the presence of lead-based paint before being listed for sale or rent. The answer is trapped and concentrated in inadequately ventilated areas. The water table may be several hundred feet underground or near the surface. EIFS is a building material that can trap moisture in a house. See disclosure statement requirements for each state. A) What if the payment is due at the beginning of the month? Finally, because of the significant amount of money involved and potential complications, it may be worthwhile toconsult with a real estate broker or attorney. keys to navigate, use enter to select, Stay up-to-date with how the law affects your life. If youve recently decided to put your home on the market, youmightfeel hesitant toreveal problems (minor thoughthey might be) whichcould discourage potential buyers. How to locate a real estate disclosure form. Understanding the Sellers Property Disclosure Forms, Seller's Property disclosure (Residential) (SPD19), Seller's Property Disclosure (Land) (SPD19L), License Partial Recognition Agreement & Reciprocity, Transaction File Requirements and Retention, Qualifying Education, Experience & Examination Requirements, Initial Licensure, Levels of Licensure & Certification, Renewal, Reinstatement, Reciprocity and Temporary Permits, Approved Real Estate Appraiser's Education Courses, Mortgage Loan Originator Reporting Requirements, HOA Forum In March: Discrimination And Your Community, with Special Guest Kelly Wesolosky of the Colorado Civil Rights Division, HOA Forum In March: Metro/Special Districts And How They Interact With Your Communities.

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