price points

The Advertiser - Real Estate - - Open House -

ALL ven­dors want the best price pos­si­ble when sell­ing their home and ven­dors will work with the real es­tate agent to iden­tify at­trac­tive sell­ing points for a home when they first meet to dis­cuss the sale.

How­ever, it is also im­por­tant for ven­dors to know that legally they must dis­close any in­for­ma­tion on the prop­erty which would neg­a­tively al­ter the value so that the real es­tate trans­ac­tion is trans­par­ent and the buyer knows ex­actly what they are pur­chas­ing.

These dis­clo­sures must then be in­cluded in the Form 1, which the real es­tate agent will com­plete when they pre­pare the con­tract for sale.

Dis­clo­sures may in­clude in­for­ma­tion such as build­ings on the prop­erty fea­tur­ing as­bestos, un­usual ease­ments or known build­ing de­fects.

On ru­ral prop­er­ties, it may be na­tive ti­tle claims on the land, re­stric­tions on land use and wa­ter en­ti­tle­ments. It also is im­por­tant for ven­dors to en- sure any main­te­nance on the prop­erty is done by a li­censed pro­fes­sional.

Even though an un­li­censed handy­man may of­fer to do a job at a cheaper price, it is im­per­a­tive the job is done prop­erly.

The ven­dor has a duty of care to the pur­chaser and should any prob­lems oc­cur with the new owner in the fu­ture, the ven­dor may be legally li­able.

Your real es­tate agent will be able t o pro­vide f ur­ther i nfor­ma­tion on what needs t o be dis­closed i n a sales con­tract.

If you are un­sure, take the time to ask so that you can be con­fi­dent your sale will go smoothly with no nasty le­gal sur­prises in the fu­ture.

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