If you're shopping for homes in Wilmington, NC, it helps if you know what sellers' agents can hide. A Just For Buyers agent can help you learn more.
PRLog - Sep. 25, 2014 - WILMINGTON, N.C. -- Shopping for Homes in Wilmington, NC: What Can Seller's Agents Hide?
When it comes to buying a new home, a level of trust needs to be in place between the seller, the seller's agent, and the home buyer. In a traditional real estate transaction, the seller's agent’s sole purpose is to work for the seller of the home. Too many times interested home buyers contact the seller’s agent who cannot honestly represent both parties with their interests in mind. This is where an exclusive buyer’s agent can step in to obtain certain disclosures that need to be shared with the potential home buyer and create that level of trust between all parties involved.
If you are in the market for a new home, having an idea of what a seller's agent is required to disclose about homes in Wilmington, NC and what they can hide will be helpful in making a purchasing decision.
Are Disclosures Required?
Seller's agents in North Carolina are NOT required to disclose certain details about the properties they sell. This is mandated by The Residential Property Disclosure Act (G.S. 47E), which is filled out by the home seller as one of the beginning processes. The disclosure statement can be provided in connection with any sale, exchange, option, and sale under a lease with option to buy where the tenant does not occupy or intend to occupy the dwelling. This is where your exclusive buyer’s agent can step in and ask the necessary questions that will provide you, the home buyer with detailed information about the property of interest.
According to G.S. 47E, the seller's agent must disclose the fact about the home they are aware of such as:
· The year the dwelling was constructed
· Any defects in the foundation and other structural components listed on the form
· Type of materials used on the exterior walls
· The year the current roof was installed
· Any leaks or defects with the roof
· Any leaks or water seepage in the basement, crawlspace, or slab
· Any defects or malfunctions in the home's electrical system
· Any defects or malfunctions in the home's plumbing
· Any defects or malfunctions in the home's heating and cooling system
· The dwelling's heat source and its age
· The dwelling's cooling source and its age
· The dwelling's water supply source
· Type of material used in the dwelling's plumbing
· Any problems with the dwelling's water supply or water quality
· Type of sewage disposal system
· Any defects or malfunctions in the home's septic system
· Any defects or malfunctions in the home's existing appliances
· Any insect or rodent infestations or damage from past infestations
· Any defects or malfunctions in the property's drainage system
· Whether or not the property is in violation of any building codes, local zoning ordinances, land use restrictions, or restrictive covenants
· Any hazardous or toxic building materials, such as asbestos, lead-based paints, and others listed on the form
· Any noises, odors, or military sources that affect the property
· Whether or not the property is subject to any utility or other easements
· Whether or not the property sits in a flood hazard area or is subject to a flood hazard
Do Past Deaths in the Home Need to be Disclosed in NC?
In North Carolina, a seller's agent is not required to disclose any homicides, suicides, or natural deaths that may have occurred on the property. This shouldn't stop a home buyer from asking, however. If the buyer asks the agent whether or not the property was the scene of a crime, the seller's agent should provide an honest answer. The reason deaths do not need to be disclosed in North Carolina is because such events are not categorized as "material" facts. Only material facts are required to be disclosed in North Carolina real estate transactions.
A Home Buyer's Agent Can Help You Learn More About the Property You Want
In real estate transactions, knowledge is power. Learning as much as you can about the property you're interested in can give you the leverage you need in your negotiations and Just For Buyers Realty can help. With years of experience in helping homebuyers negotiate the best possible terms on homes in Wilmington, NC our agents work hard to make sure you know everything about your new home before you buy. Give us a call today at 910-202-4813. Find out how our exclusive buyer's agents can help you – call today!
Read Full Story - Shopping for Homes in Wilmington, NC: What Can Seller's Agents Hide? | More news from this source
Press release distribution by PRLog
Shopping for Homes in Wilmington, NC: What Can Seller's Agents Hide?
September 25, 2014 at 11:24 AM EDT
