Real estate law isn’t complicated when you have a trained attorney helping you. Texas real estate offers business opportunities as well as a chance to create a home. Whether buying or selling property, however, it’s in your best interest to have all a property’s defects preserved in writing. The seller of a home, for example, doesn’t want to be liable for concealing important data. The buyer, on the other hand, can’t invest without knowing the entire history of a property, including its pros and cons.
These types of insecurities get handled by writing disclosing documents. Here’s a look at how disclosing processes work and the confusion they dissolve.
How house flippers are regulated
Some investors in the real estate market only look for properties in poor condition. These persons only buy properties with histories of damage. Hiding damage is beneficial to someone selling a house after fixing it up really quickly. Disclosing laws, instead, require property details, which cover foreclosures, to be presented to a buyer in writing.
How all damages are revealed
One of the easiest ways to eradicate a property’s damage is with repairs. Repairs should come with receipts when contractors are involved. Do-it-yourselfers, however, have the tact to fix damages that never get disclosed later. Disclosing documents, when executed properly, tell you exactly where the holes and structural damages were. Here’s an overview of the type of issues that repairs conceal without a disclosing document.
- Asbestos. This must be reported as it is a severe hazard when breathed in.
- Deaths. Murders and other deaths bring negative stigmas to a property, so it’s best to know just as much as your neighbors might.
- Drug labs. Even illicit activities from prior owners are disclosable.
How a seller avoids being sued
With a disclosure in place, a seller can avoid being sued. The liability of a seller, however, isn’t entirely based on his or her reporting. What an individual didn’t know before selling property makes a case, and these legal complexities make disclosures pivotal.