Comprehensive Guide to Property Disclosures: Understanding

Comprehensive Guide to Property Disclosures: Understanding

Environmental Issues, Inspection Requirements, and Material Defects in Real Estate Transactions Flashcards Electrical ProblemsDamaged Circuit BreakerBurned/Discolored ouletsFaulty AppliancesWarm SwitchesLight dim/burn out frequently Window ProblemsMisalignmentDamaged hardwareDamaged/ broken glassLeaking/ damaged seals Fire place/chimney ProblemsCreosoteDraftsCracks/Sloping Foundation ProblemsBasement CracksLeaksInterior/Exteriors Cracks Inspection Addendum( or clause or property condition addendum)

• In a contract to buy or sell real estate, a clause or

attachment that allows the buyer( or qualified party to inspect the property)- If repairs are needed the seller may be allowed to perform the repairs up to a dollar limitation or choose not to sell Property Conditions that may warrant inspections and surveys

• Inspection Addendum( or clause or property condition

addendum)- licensee use MAAP ( Material, Adverse, Actual, Psychical) for physical conditions to disclose to client- pest infestation signs ( termites, beetles, carpenter ants) Proposed use or change that should trigger inquiry about public or private land use controls

• Private land control- Public land control

Private Land Control- Private land controls includes easements, liens, deed restrictions( HOA or CC&Rs)- Developer( or other) creates subdivisions deed restrictions that made part of the deed on each lot- Violations may be court or if restrictions is conditional. title may revert to the grantor Material Facts and Defect DisclosureRoof problemsFireplace/chimney problemsFoundation ProblemsWindow ProblemsHVAC problemsPlumbing ProblemsElectrical Problems Environmental Issues Requiring Disclosure RadonAsbestosMoldUnderground Storage TanksFormer Waste Disposal SitesPest and Insect Inspection Government Disclosure Requirements( Lead) - If a home was built before 1978 the seller needs to provide a lead disclosure and safety pamphlet- Same for landlord renting Roof ProblemsShinglesGutterFlashingSoffitFascia Plumbing ProblemsWater DamageSoggy groundGalvanized pipesFaulty hot water heaterClogged/leaking toilet HVAC ProblemsFurnaceHeating/ColdingHot/Cold RoomsAir conditioner

Public Land Use Control- Police Power: the government authority( state, local,

federal) to do what it can to ensure the health, safety, and

welfare of its citizens- Types of police power:

condemnation, housing codes, public nuisance ordinance, rent control, zoning, subdivision regulations, operating licenses