People who are looking for a home to purchase will carefully consider a variety of factors as they tour homes. Going on a walkthrough of a home can only provide you with limited information about the home. You can see what’s on the surface, but there may be other things that you need to consider.
Sellers are required to provide potential buyers with specific information. If the home is new and in a subdivision, they must fill out the Arizona Department of Real Estate Disclosure Report, which is known as the Public Report. If the home is previously owned, the seller must provide a Seller’s Property Disclosure Statement.
What should homebuyers look for?
The goal of a disclosure is to give a homebuyer an accurate account of what they’re purchasing. The disclosures include a variety of factors, including roof leaks, past flooding, pest problems and neighborhood nuisances. It also covers things like disclosures about plumbing issues, HVAC problems, lead-based paint presence and past water damage.
These disclosures must be carefully reviewed, but they don’t take the place of having a home inspection. A licensed inspector can look for signs that there are issues the buyer may have to address after the purchase, some of which may be extremely costly.
Every aspect of the home purchasing process must be handled precisely, so homebuyers should know what to expect. Ensuring that things like the Public Report and all disclosures are in order and accurate can help to protect homebuyers when they make this major purchase. Because these situations are so complex, it may be best for anyone purchasing a home to work with someone familiar with these matters.
