Well, good afternoon, everyone.
My name is Chris Berger, and it’s time for #Berger Point.
You know, sellers and buyers get a little confused about material facts on a home.
And this is particularly important for the #sellers because it’s up to them that they have to #legally #disclose any material defects of the house.
For example, what would a material defect do, or what is one?
Well, say the septic tank doesn’t work so well and it overflows, but because they’re showing the house, they can sort of hide that.
That’s a #material fact.
The #seller, as well as the #real #estate #agent, has to #disclose that to all interested parties.
Another example, say the oil burner doesn’t work or the #heating #system doesn’t work.
And it just goes on and off.
So that’s another material fact that needs to be disclosed.
Another common defect is really a crack in the #foundation.
So people can actually see that.
However, if the seller decides to try to cover that up, no good.
He has to disclose that information in writing and your listing agent will know about it and pass it on to the #buying agent.
That is #New #York #state #law.
Very, very important. That's my point.
https://bergerpoint.com
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I'm Chris Berger and I'm sharing my 40+ years of experience as an NY & FL realtor, in home renovation & property management. Yankees fan. Concert goer. Dog lover. Granddad.
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