50 Years Later: Disclosure

Before you purchase any product, you want to have all the information you can about it to ensure you’re not getting ripped off, that it’s the proper product, and that it will satisfy your needs. In real estate, this is critically important; however, not until recent years was information like this fully disclosed. Twenty, thirty, fifty years ago, homes were bought and sold under an “as-is/where-is” standard with the understanding of “caveat emptor” – buyers should ‘beware’ of possible faults or other unknowns coming to light later down the line. Today, sellers must disclose what they know – this ranges from details like whether or not lead-based paint was used in the original construction to whether or not there was a death in the home. This full disclosure mindset has proved to benefit both the buyers’ and sellers’ rights, and ultimately proves that honesty really is the best policy.

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