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In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind. [1]
The buyer must be allowed ten days to request an evaluation of any lead paint in the house. This time limit may be altered upon agreement by both the buyer and seller. Every contract selling a house must include a Lead Warning Statement. The buyer is required to read the statement, and their signature on the contract is equivalent to an ...
The HUD-1 Settlement Statement is a standardized mortgage lending form in use in the United States of America on which creditors or their closing agents itemize all charges imposed on buyers and sellers in consumer credit mortgage transactions. The HUD-1 (or a similar variant called the HUD-1A) is used primarily for reverse mortgages and ...
Many have specific disclosure forms that sellers are legally obligated to complete and supply to buyers. And in many places, real estate brokers and agents are also required to disclose any known ...
Selling a house is a major undertaking that can take several months from start to finish — or much longer, depending on local market conditions. So it makes sense to plan ahead and stay organized.
The National Association of Realtors (NAR) has long regulated the way homes in the U.S. are sold. Now that a new settlement was reached in March, the Realtors' commissions will change, as will how ...
Money is the most common form of consideration, but other consideration of value, such as other property in exchange, or a promise to perform (i.e. a promise to pay) is also satisfactory. Notarization by a notary public is normally not required for a real estate contract, but many recording offices require that a seller's or conveyor's ...
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