Did you know that the seller is obligated by law to disclose "Material Latent defects"?

The first question that comes to mind is, "What is a Material Latent defect?". This is a defect that cannot be discovered with a reasonable inspection of the home that affects the home's value or safety. Examples of Material Latent defects are previous water damage or settling in the house, whether the house was used as a grow-op, a violent death or suicide in the home, insect infestation, a problem with the septic or well, an encroachment from the neighbor's shed or barn or garage. This is why we as Realtors get sellers to fill in a Property Disclosure Statement. This is a document that asks the seller to disclose any and all defects. Then we make this form part of the contract so that any defects become up front and open between the 2 parties. In most cases this helps buyers and sellers avoid any future legal problems. This is just one of the many ways that dealing with a Realtor dramatically reduces the risks for buyers and sellers. 

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