Page 4 - Wig & Associates Lakewood VILLAGE Newsletter ~ March 2020 Issue

Q & A with the real estate expert
ASK ALLISON VAN WIG

PROPERTY DISCLOSURE: YOU CAN’T

TELL WHAT YOU DON’T KNOW

Dear Alison, This old investment. They may want • Insulation: Is it under the home improvements, repairs doubt or confusion.
house of mine has to add a home-inspection floors or in the exterior and insurance claims as well The law may not require
Qbeen in my family for contingency in their offer. walls, attic or ceiling? as impending zoning changes, you to fix every problem that
generations. I think Subsequent revelations could • Exterior drainage: Are termite damage or material arises, but you are responsible
sentiment and force of habit convince them to renegotiate gutters and downspouts in defects that could affect the for divulging whatever you
have kept me hanging around terms, demand a lower price good shape? Does a heavy property’s condition and know. That said, not many
for the past four decades. or walk away from the deal rain leave standing water? value. Illegal activity is likely people can recite every detail
None of my grown children altogether. to come up as well. about a house that witnessed
want the property; they have Your real estate agent will • Water supply and sewage The form will also ask about the advent of the horseless
lives of their own elsewhere. have a stack of disclosure forms disposal: Is there a well, deaths. Back in the day, it was buggy. n
So, it’s time for me to let the to complete. Among them will septic system or municipal typical for people to die at
house go. Although it’s in be a boilerplate document service? home, but was your house the
reasonably good shape for its (which you could fill out on • Fire: Is or was there a scene of a murder or suicide?
150 years, it’s bound to have your own) that covers most fireplace, chimney or Federal regulators only
issues I’m unaware of. When I matters. In addition to the woodstove? care about lead paint. Since
fill out a disclosure statement age and type of home, the • Environmental hazards: Is your house was built before
for interested buyers, will my questions are basic: the house in a flood zone or 1978, you must (among
ignorance come back to bite vulnerable to wildfire? other things) inform the
me in court? buyer of the presence of lead
-Anthony G. • Plumbing, electrical and • Mineral rights: Do you paint and give them 10 days
HVAC: Does everything own them? Are or were to test for it.
A Dear Anthony, or appliances modified or there extraction operations abreast of the regulations, Allison Van Wig
work? Were any systems
It’s the agent’s job to keep
(mining, drilling) on or
Buyers have the
replaced?
near the property?
know
to
right
which vary by state and are
(CA DRE #00985700) is the
what they’re buying, and • Roof, basement and • Hazardous materials: Is subject to change. He or she Owner of Van Wig & Associates
pertinent information helps crawlspace: Are there signs or was there ever mold, should be willing to walk you you can call or email her at:
them to do their due diligence of leakage or excessive asbestos or lead paint? through the disclosure forms, 562-882-1581 or
before making a substantial moisture? Other points might address line by line, to remove all Allison@superbroker.com

Go to: www.LongBeachPrices.com

4