You are legally required to comply with federal, state, and local disclosure laws when engaging in a real estate transaction, including disclosing any information you have about structural defects or other relevant facts you are aware of that could have an impact on the property’s value in the future. Additionally, you should consult with an experienced professional about even the most trivial of concerns that might have an impact on the usage, value, or pleasure of the property as a whole, even if they seem insignificant. One of the reasons you should keep meticulous records of every work done is to comply with disclosure rules. You should also retain custody of the disclosure document for a period of three years following the closing to ensure your own protection.
In addition to failing to disclose structural or other faults with the residence itself, misrepresenting the property is another manner of failing to disclose information. Consider the following scenario: You set up a showing appointment for potential buyers from out of town to come by the property, intending to conceal the noise factor of a nearby airport or the time of day that the smells from a nearby factory are pouring in through the windows, and you don’t say anything about it. Discover the implications of failing to disclose problems with your Atlanta home prior to selling before you find yourself in the position of having to learn them the hard way the hard way.
Taking Legal Action
One of the repercussions of failing to disclose concerns with your Atlanta home before selling it is the possibility of being sued. Failure to disclose relevant information about a property when selling a home should be avoided at all costs since purchasers are extremely likely to pursue legal action against you if you engage in what is deemed real estate fraud. If you are concerned about the difficulties with your house, a direct sale of the property as-is may be the best alternative for you. Similarly to those at Georgia Fair Offer, a direct buyer will specify the amount your house is expected to receive on the standard Multiple Listing Service (MLS) against every number utilized to compute an offer for a direct purchase. At Georgia Fair Offer, our purpose is to assist you in earning the best potential profit on your transaction, regardless of whether or not the transaction is with us.
Legal Recommendations and Court Fees
You might face a monetary judgment against you in the tens of thousands of dollars or more as a result of failing to disclose concerns with your Atlanta home before selling. This is in addition to the time, energy, and worry you will waste dealing with the fallout.
Paying for the Repairs or Damages that have been sustained
After the sale has been completed, you are still financially accountable for any repercussions that the purchasers may have suffered as a result of your failure to disclose problems with your Atlanta home before to selling it. You will most likely be responsible for the tear-out and replacement necessary to make it right, as well as the permitting money you were attempting to save by not obtaining permits for the work you executed. Similar to this, if medical care is required as a result of a health danger, you will be responsible for the associated hospital expenditures as well.
In order to avoid the implications of not reporting difficulties with your Atlanta home prior to selling, the experienced direct purchasers at Georgia Fair Offer can advise you on what information you should and should not give to potential buyers. The significance of communication is recognized by Georgia Fair Offer, and thus our direct buyers will stop and listen to your queries or concerns, with no commitment to work with Georgia Fair Offer in exchange for their time and attention. Consider selling your home directly to Georgia Fair Offer instead of going through a real estate agent and saving money and time by not having to deal with the preparation work, repairs, showings, or paying excessive commissions or other costs at closing. When you sell your home directly to Georgia Fair Offer, we want you to feel confident that the cash offer we make for your home is fair. This will allow you to continue to enjoy dealing with us even after the transaction is complete.
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