Page 27 - How To Buy A Home with Cat Stevens RVG

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The Sales Contract (Continued)

Seller Disclosure of Property

The seller is not required to provide a full description of everything they know that has gone wrong with the
house, even before they bought it. The seller’s agent is required to give this to the seller, but the seller has the
right to refuse to sign it.

Home Warranties
If a house comes with a home warranty, the warranty will cover certain features of the house should they break
within the buyer’s first year. Most builders give a warranty on new houses, but older houses can have warran-
ties on them, too. Either you can buy it or you can ask the seller to buy it as part of the negotiated terms of the
contract. It is not required.

Inspections
Inspections, such as home, termite, and radon, are highly recommended. Note, the appraiser works for the
lender, but inspectors should work for you. I do not recommend asking a seller to pay for an inspection.

Lead-Based Paint Disclosure

If the house was built before 1978, the paint inside and outside the home may have lead-based paint.

Agency
Buyer and seller agents must each explain the laws of his/her agency and their obligations to the buyer and
seller. This form must be signed, showing whom the agent represents.

Signature
Signatures are required by buyers and sellers. No verbal statements or offers can be enforced.

Addendums

Addendums could be required by your relocation company, or could be a counter offer, or they could be a form
saying “This contract is contingent upon the closing of my house that I have to sell first.”

Mediation
Any disputes must first go to mediation to work out any problems between buyers, sellers, and agents without
threatening lawsuits.

Fair Housing

This states that the property must be offered for sale without regard to race, color, sex, religion, national origin,
handicap, familial status, sexual orientation, or gender identity. Realtors cannot “steer” you away from, or to, a
neighborhood. They cannot find out demographics of any group of people for you. Other topics that are against
the Fair Housing Act include how safe a neighborhood is, and how many kids are in the neighborhood.

Keller Williams Realty Consultants - How to Buy a Home in Southern Indiana 25