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What Disclosures MUST Sellers Make?
What Disclosures MUST Sellers Make? Whether you are buying or selling a home, you could be dealing with many emotions: stress about such a significant transaction, excitement about moving to a new place and maybe a little sadness over leaving your current home. In the swirl of these emotions, you might overlook critical details about the buying and selling process. One such detail is the responsibility to disclose certain aspects of a home. Property condition disclosures Disclosure statements can be an essential form in a real estate transaction. Sellers complete this document to give potential buyers crucial information about a home so that buyers can make informed decisions. Sellers must disclose known latent defects, which are significant problems with the home that people cannot immediately see. They can make the home dangerous, unfit for the buyer’s purpose or otherwise unsuitable. Some examples of these include: Cracks in the foundation the owner covered up Water intrusion Property additions or changes for which the owner did not secure permits Use of the home to grow large amounts of marijuana without remediation If an owner knows about these or other material latent defects, they must say so in documents. What don’t sellers have to disclose? Many buyers would also like to know specific details of a home that affect their decision but aren’t related to the property’s condition. However, in Alberta, sellers are not required to disclose so-called stigmatized property information. For instance, sellers don’t need to notify potential buyers if they believe the home is haunted or if a death or crime occurred on the property. Issues that can arise Homebuying is a major decision, and buyers should feel confident they know what they are getting. Simultaneously, sellers typically don’t want to volunteer information that makes the property less attractive. Thus, disputes can arise if buyers discover negative aspects of a home after the transaction is complete. They may feel duped, but sellers may or may not have had an obligation to disclose specific information. Under these circumstances, disclosures can come under scrutiny. If sellers covered up defects or failed to disclose them, buyers may take legal action seeking financial relief.
Navigating the Holiday Hustle: 10 Ways to Thrive During the Christmas Season
Welcome to our Holiday Survival Guide! This blog is your go-to resource for conquering the chaos of the festive season. We understand the challenges that come with the holidays, from stress to family dynamics and crowded spaces. Read on for our top 10 tips to not just survive but thrive this Christmas. 1. Embrace the Power of Saying "No" 🙅♂️: - Learn to prioritize your time and commitments. Saying 'No' is a gift to yourself, allowing you to focus on what truly matters. 2. Plan and Prioritize Your Time 📅: - Create a schedule to manage your time effectively. Prioritize events and commitments to avoid overwhelming yourself. 3. Practice Mindful Moments 🧘♀️: - In the midst of the chaos, take a few minutes each day for mindfulness. It's a simple yet effective way to reduce stress. 4. Set Realistic Expectations 🎁: - Acknowledge that perfection isn't attainable. Set realistic expectations for yourself and others during the holiday season. 5. Create a Budget and Stick to It 💰: - Financial stress is common during the holidays. Plan a budget to avoid overspending and focus on creating memorable experiences. 6. Practice Self-Care 🛀: - Don't forget about yourself. Schedule time for self-care activities to recharge your energy and maintain a positive mindset." 7. Navigate Family Dynamics with Grace 🤝: - Families come in all shapes and sizes. Approach family gatherings with an open heart and a mindset of understanding. 8. Escape the Crowds Strategically 🌆: - Crowds can be overwhelming. Plan outings during off-peak hours or explore less crowded alternatives to enjoy the festivities. 9. Delegate and Collaborate 🤝: - Share the load. Delegate tasks and collaborate with others to create a more enjoyable and stress-free holiday experience. 10. Focus on Gratitude 🙏: - In the midst of the holiday chaos, take time to reflect on what you're grateful for. A grateful heart can transform your entire perspective. Remember, the holidays are about joy, love, and connection. Use these tips to create a season filled with warmth and meaningful moments. Wishing you a Merry and Stress-Free Christmas! 🎅🎁
What to Know About Buying or Selling a Home in the Spring
What to Know About Buying or Selling a Home in the Spring Spring is usually the hottest market for home buying. Here, experts share their tips for making the most of home shopping, buying, and selling in springtime. Spring is the busiest time of year for both home buyers and sellers. Once that long winter finally breaks, families start house hunting, visiting properties that have finally thawed after months of inclement weather. Once you’re on the hunt for the perfect home, there are a few things to keep in mind during this time of year. “Spring has always been the busiest time of year,” says Sherri Hines, an associate broker at Better Homes and Gardens Real Estate Kansas City Homes. “Many families have a desire to make changes coinciding with the school year, and summer is often filled with vacation and travel and kid activities. Of course, it is also just more fun to be out looking at houses with green grass, warmer temps, flowers blooming, and longer days.” Prepare for a Competitive Market Because spring is the most popular time of year for buying and selling homes, you should prepare to enter into a highly competitive market this time of year. “The biggest distinguishing factor the last few years about the spring market is the intense competition,” Hines says. “We are already experiencing an increase in multiple offers, and buyers are already waiving inspections and appraisals in an effort to ‘win.’ The competition had cooled a bit last fall through the winter, but all signs point to potentially even more fierce competition than last spring.” Because the market will be flooded with fellow buyers, Hines suggests you plan to see homes soon after they hit the market. This way you can tour a property you’re interested in and be prepared to make a competitive offer early—hopefully before too many other prospective buyers have seen it. Hines says that means being prepared to make split decisions, too. “The low inventory the last few years has lowered the average days on market,” she says. “Homes that aren’t sold within 7 to 10 days are either overpriced or have some unaddressed issue. As the competition increases moving deeper into the spring market, homes are selling within hours sometimes.” That might mean you’ll have to jump in with an offer right away, or it might mean a longer house-hunting period, as properties are quickly purchased around you. “Home searches can vary from a few days to many months,” Hines says. “There are so many factors, depending on price range, location, competition, inventory.” Be prepared for a long journey should you find that properties in your area are selling quickly, but don’t push off your hunt just because spring is a busy time of year. With the way the housing market has gone in recent years, it’s not a sure bet that competition will dry up once the seasons change. “I would not advise buyers to wait for things to change. I’ve had clients make that choice and regret it,” Hines says. “I personally don’t see our market changing much anytime soon.” Inspect the Property If the idea of pouncing on a property quickly gives you pause, keep in mind that you can still make an offer and have an inspection done before the deal goes through. David Steckel, home expert at home care platform Thumbtack, says buyers should pay special attention to the outside of a home, where water problems can be apparent this time of year. “It’s important to thoroughly inspect a property before making a purchase,” Steckel says. “Have a professional inspect the home before purchasing and be sure to look out for water damage, roof damage, drainage problems, foundation issues, and pest damage. These are important to catch early on, as these repairs can be costly and affect the condition of your home over time.” Of course, most of these potential problems should come up in a professional home inspection. And while certain aspects of the property might be more apparent or visible in the spring vs. winter season, for example, you’ll want to make sure whomever you hire is doing a thorough inspection regardless of the time of year. “While there may be snow on a roof during the inspection, your agent should always be advocating for a final roof inspection with the appropriate repercussions built in should roof damage become apparent, even if it’s after the traditional due diligence/inspection period,” says Christopher Stjernholm, chief of staff at Trelora Real Estate. “Certified home inspectors will be there to provide expertise on what you should be looking for regardless of the season.” How to Prepare to Sell If you’re selling your home in the springtime, Steckel suggests sprucing up your exterior spaces. Potential buyers will be thinking of hosting summer cookouts and pool parties this time of year—call out the great outdoor features of your home to help your listing shine. If your outdoor space is lackluster, do what you can to spruce it up and highlight its potential. “Homeowners can start by boosting their curb appeal, like painting the exterior of their homes, freshening up their landscaping, and completing outdoor repairs to their porch and deck, garage door, siding, and fence,” he says. As you stage your home, Steckel suggests deep-cleaning your grill and porch furniture so everything looks sharp. “Addressing any necessary repairs before listing your home for sale will pay. Be sure to fix leaky faucets, replace broken windows, and repair any damaged flooring or walls,” he says. Zillow and Thumbtack released a report last year detailing the spring projects that yield the best return for sellers, if you’re having trouble prioritizing where to begin. Your real estate agent will also spend time getting to know your property so they can market it appropriately, says Scott Harris of Brown Harris Stevens. “It helps create avatars of who we expect the target buyers to be,” he explains. “This isn’t about space or the latest kitchen appliances, but how you send messaging that explains the property is interesting to the kinds of buyers you want to attract.” Harris says if you’re ready to sell, don’t delay. A spring market might be hotter than a winter market, but that shouldn’t affect your plans to move. “There’s always a reason to wait. I usually say that you can either have reasons or results,” he says. “You lose 100% of the games you sit out.”
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