Home Warranties
Buying
and selling a home is one of the biggest transactions you'll make
in your lifetime. You can't always predict when problems will arise
and they seem to happen when you are least prepared. Unplanned home
expenses can put a tremendous strain on your budget. A home warranty
will give you the protection you need.
Click
here to learn more:
Property
Condition
Sales
and post sale problems can be avoided through prompt and proper disclosure.
Federal, state and local laws govern disclosure. Often states will
require some type of residential property disclosure form be used
in sales involving a real estate licensee. A questionnaire that addresses
conditions of the property may be required. Frequently the law will
specify that potential buyers be given a copy of the form. These forms
often address foundations and structure, roofs, mechanical systems,
water and sewer systems, site, survey and restrictions. These disclosures
are effective in providing information to the purchaser regarding
known conditions. They do not necessarily eliminate the need for a
professional whole house inspection.
Lead
Base Paint
"Every
purchaser of any interest in residential real property on which a
residential dwelling was built prior to 1978 is notified that such
a property may present exposure to lead from lead-based paint that
may place young children at risk of developing lead poisoning. Lead
poisoning in young children may produce permanent neurological damage,
including learning disabilities, reduced intelligence quotient, behavioral
problems and impaired memory. Lead poisoning also poses a particular
risk to pregnant women. The seller of any interest in residential
real property is required to provide the buyer with any information
on the lead-based paint hazards from risk assessments or inspections
in the seller's possession and notify the buyer of any known lead-based
paint hazards. A risk assessment or inspection for possible lead-based
paint hazards is recommended prior to purchase." For more information
go to www.hud.gov/lea/
Sex
Offender Notification
Certain
state and local law enforcement agencies are required to notify members
and or entities of the community if a sex offender resides in the
area. Inquires should be made to these enforcement agencies to determine
if a registered sex offender is residing in the area.
Agency
An
agency relationship is a legal relationship where one person known
as the agent, represents another person known as the principal in
dealing with a third party. Principals and or third parties to real
estate negotiations and agreements are either clients or customers
of a real estate licensee. Clients are persons represented by agents.
Associates owe clients certain duties. These duties include: loyalty,
honesty and fair dealing, negotiation for the clients best interests,
informing the client of all known material facts, and to maintain
confidential information. Customers are persons who use the services
of a real estate licensee but are not the client of a licensee. Licensees
are required to deal honestly and fairly with customers. Payment of
a fee to a real estate broker does not make that person a client of
the broker. In the state of Lawton the types of agency relationships
a buyer may enter into include: Seller Agency, Buyer Agency, Subagency,
Dual Agency (with consent). Some firms will offer "Split Agency".
In Oklahoma the types of agency relationships an associate may enter into
include: Buyer Agency, Seller Agency, Dual Limited Agency, Designated
Agency and Transaction Broker. Additional questions regarding agency
relationships should be directed to a licensed real estate broker
or the state licensing authority.
The
Expertise of a AMERICAN REAL ESTATE Sales Associate always provides valuable
assistance. For more information, please contact
a A.R.E. Representative.
