Recent News and Articles on the Keywords: state laws + seller + state  Related to the article below (Last Update: 8/4/2008)

Los Angeles Times State considering laws modifying individual health insurance policies Los Angeles Times, CA - Despite a year of strenuous campaigning for his vision, which garnered attention nationwide, the state Senate rejected that $14.9-billion plan in January. ... State makes bundle on auction of left-behind items Sarasota Herald-Tribune, FL - Aug 3, 2008 The Florida Department of Financial Services auctions off thousands of items under the state's unclaimed-property law each year. ... Stop the home information pack Times Online, UK - ... in the same week when the Law Society said that many sellers were ignoring the requirement to provide the packs. In view of the present parlous state of ... Recyclers weigh in on new scrap metal law Brookhaven Daily Leader,  United states - "We're really just trying to get a hold of the copper theft, and most of your copper sales in the state was being done by thieves. If you're legitimate you ... Washington Times ALLOTT: A key election for Washington Times, DC - And it would embolden other state and federal law enforcement officers to consider their own investigations of Planned Parenthood. ... Summer Job: Nice Pay, if You Can Cut It Wall Street Journal - Instead they earn a commission that starts at 10% and can climb to more than 50% for top sellers. Ms. Andrus says students who work the whole summer earn an ... Nigeria: How Borno Took Traders Off Maiduguri Roads AllAfrica.com, Washington - It however moved to have the Borno State House of Assembly enact a law to make selling goods by the roadside unlawful. That move lasted for months with ... Short Sellers in Stock Cop's Sights: Susan Antilla (Update1) Bloomberg - Aug 1, 2008 ``Investors need better protection from touts upward,'' says Peter J. Henning, professor of law at Wayne State University Law School. ... Law tries to limit ties between agents and financial service providers HeraldNet, WA - Aug 3, 2008 Its report found "all the major players in the greater Seattle title insurance market were routinely breaking state laws that limit and restrict the use of ... Cyclists want to be part of solutions The Coloradoan, CO - Neither the state's trails laws, nor the sheriff's interpretation of the highway laws, encourage us to do that on trails or roads. ...

State laws vary regarding what sellers need to disclose to buyers when they sell. Some states, like California, require sellers to complete a Real Estate Transfer Disclosure Statement. In other states seller disclosures are voluntary. And some states don't require seller disclosures at all, except as mandated by federal law, such as for lead-based paint and flood hazard zone disclosures.

They say that what you don't know won't hurt you. This may be so in some cases. But home sellers who take this attitude could end up in court, depending on where they're selling.

Even if you're not explicitly required to disclose defects in your home to a prospective buyer, it may be wise to do so. Thirty years ago, sellers weren't required to disclose defects and buyers were warned to "beware." In today's consumer-conscious, litigious-prone society, "seller beware" is the more appropriate admonition.

Sellers, even in states where seller disclosures are required, are sometimes less than forthright with their disclosures because they fear the information will impede the sale of their property. This rarely happens. Buyers would rather know about defects before rather than after they complete the purchase. Lawsuits often arise when the buyers discover defects after closing that they're sure the sellers were aware of, but did not divulge.

Keep in mind that there's always the possibility that what you don't disclose, your friendly neighbor will disclose for you. Gregarious neighbors love to introduce new homeowners to neighborhood secrets.

One seller didn't disclose to the buyer that a murder occurred on the property several years before. In short order, the neighbors made sure that the new owner was made aware of this fact. In California, sellers are required to disclose if a death occurred on the property within the last three years.

Another new homeowner discovered a drainage problem during the first rainy season after she bought her house. She referred to the seller's disclosure statement. The seller had answered "no" to the question asking about drainage problems. Later in a conversation with the next-door neighbor, the new homeowner was told that the downstairs of her house had routinely flooded every rainy season.

Another seller failed to disclose to a buyer that his roof was old and needed replacing. The buyer's home inspector asked the seller if he had experienced any roof problems. The seller said that he had not. After closing, the buyer became chummy with a neighbor. The neighbor told him that the seller had received replacement bids from three different roofers. He had been planning to replace the roof before the next rainy season.

HOME SELLER TIP: Intentionally withholding material information about a property when you sell can have serious consequences. Before you sell, make sure you understand your disclosure responsibilities. Your real estate agent or a real estate attorney can provide you with this information.

Don't be afraid of disclosing information about your property. Disclosure laws were created to protect buyers, but they also protect sellers. If all the known information about a property is revealed upfront, you're less likely to be involved in an after-closing dispute.

It's also a good idea to make old inspection reports and estimates for work available to the buyer. One seller disclosed that his furnace was in good condition. After closing, the buyers called a local furnace contractor for a routine maintenance. It turned out that the furnace contractor had inspected the furnace for the previous owner, and recommended replacing the furnace because of a dangerous condition.

The buyers made a claim against the seller who ended up paying for a new furnace.