Archives for September 2014

Reasons Why You Have To Take Real Estate Disclosure Seriously

Sign the seller disclosure statement in a real estate transactioWhen you decide to put your home or any property up for sale, you have moral and legal obligations to either make whatever repairs might be necessary based on your knowledge of the property, or to, at minimum, disclose this knowledge.  For example, if you know the roof has to be replaced, you must disclose this information rather than showing the house on dry days and hoping the buyer doesn’t come after you post-sale.

 

The Law and You

Real Estate Disclosure is more than just a moral obligation – it is required at both State and Federal levels by law.  As such, property buyers will be entitled to file a lawsuit against you if they discover you did not disclose information about the property as required by law.  The specific Real Estate Disclosure required in each locality varies; it’s up to you and your real estate agent to be informed as to what’s required.  While some Real Estate Disclosures – like lead paint, mold and foundation issues – are very common, others can be quite unusual.  One city in California, for example, requires you to disclose if there are any “unusual odors” in the area.

 

Real Estate Disclosure Best Practices

Regardless of what’s required, it’s always in the best interests of everyone to be honest and up front.  Erring on the side of more disclosure is always the best strategy – you may not think the information matters, but formally disclosing it protects you from negative repercussions.

Advantages of Mediation & Arbitration in Resolving Real Estate Disputes

Real estate is a volatile business.  Nothing in it is fixed in any true sense: Property values rise and fall, interest rates rise and fall, neighborhoods shift and evolve, and ideal home sizes and configurations change.  In such a changeable environment, disputes can simply be more chaos on top of existing chaos – especially when they involve litigation.  When everything is moving so fast, litigation is almost always a deal-breaker.  A better solution is the flexible and efficient route of Real Estate Mediation & Arbitration.

Advantages of Real Estate Mediation & Arbitration

Consider the advantages of Real Estate Mediation & Arbitration over litigation:

  • Same results, less time and money.
  • More control, and you can even have an attorney present.
  • Preserve business relationships with less adversarial approach.
  • Private, not a matter of public record.

Made for Each Other

Real Estate and Alternative Dispute Resolution (ADR) are a perfect fit, because using Real Estate Mediation & Arbitration to solve problems brings investors, sellers, landlords, tenants, developers and lenders together as a team to solve problems, instead of dividing them up into factions to fight.  Real Estate is always a communal activity involving neighbors and local businesses, and disputes should be treated accordingly, as transient disagreements among friends, as long as there are no charges of criminal behavior.

Litigation often feels like progress because of its fearsome reputation.  But in Real Estate, Mediation & Arbitration is almost always more the effective strategy.

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