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What you need to know when selling your house
Nevada Property Disclosure Law
Is the property you are trying to sell located within a Home Owners Association? If so, you might have certain disclosures required by Nevada law.
The state of Nevada has begun the enforcement of NRS 116.4103 which makes it clear that the seller of properties located within home owners associations must provide certain documentation to prospective purchasers of their property. One of the documents required to be provided to prospective purchasers is the "Information statement disclosing homeowners' rights and oblications" form.
Failure to provide this form to any potential purchaser within the state required time frame could have serious consequences, not the least of which is the buyers ability to cancel a transaction based on the failure seller to provide this form and the accompanying eight to fourteen documents.
Nevada has very strict laws that pertain to property condition disclosure information that must be provided to any potential purchaser within a statutory period of time. In fact,these laws are so strict, the State of Nevada Real Estate Division has constructed a disclosure form for precicly this purpose. In addition, there are provisions within the laws that provide for heavy financial awards to plaintiffs who are successful in demonstrating that a seller willfully mis-represented the condition of a particluar property or failed to provide written disclosure to a potential purchaser prior to the transfer of title.
Should you have additional questions about these or other requirements under Nevada law, the Nevada Real Estate Division can be reached in the Las Vegas area at 702-486-4033. Or if you would like, the office is located at 2501 E Sahara Avenue at the corner of Atlantic in the Bradely Building.
Fair Housing Laws
On what basis can you make a decision to accept an offer from a potetial purchaser of your house? Federal laws make it pretty clear that any purchaser who has the financial ability to purchase residential real estate should be able to do so without hinderence. This means that, in spite of any personal feelings you may have about anyone, the only reason you cannot accept an offer from a buyer of your house is on their ability or in-ability to pay you for it in the manner you have marketed it to the rest of the general public.
Fair housing is a hot topic these days. The protected classes under the law currently include: Sex, familial status, religion, race, color, handicap and national origin. Any discrimination for any reason within these protected classes can result in severe civil and criminal fines and penalties.
Lead Based Paint Disclosure Laws
Many houses and apartments built before 1978 have paint that contains lead (called lead based paint). Lead from paint, paint chips, and dust can pose serious health hazards if not taken care of properly.
Federal law requires that individuals receive certain information before renting, buying or renovating pre-1978 housing.
SELLERS have to disclose known information on lead-based paint and lead-based paint hazards before selling ahouse. Sales contracts must include a disclosure form about lead-based paint. Buyers have up to 10 days to check for lead hazards. In addition, every buyer should receive a copy of this booklet entitled," Protect your family from lead in your home" prior to executing a purchase contract.
Limit your liability
There are a few way you can limit your exposure to liability when selling your house.
Hire an attorney:When you hire an attorney they can assist you with all the contracts, disclosure laws and forms and point out any potential hazards to your legal well being within a particular real estate transaction. Most lawyers do charge by the hour regardless of whether or not the transaction closes.
Educate yourself thoroughly:Contact the Nevada Real Estate Division and ask all the questions you have. Obtain all of their required forms and learn how to explain them to any potential purchaser. Investigate information on the internet or purchase some "How to" books at the store. The benfit to this option is that the Division will only charge you for the forms and might answer a few questions about the law with out cost. Unfortunately they are not either a lawyer or a licensed real estate agent. And due to this, they cannot provide you with any advice regarding your particular real estate situation.
Hire a competent real estate team to assist you:When you hire the correct team of real estate professionals, you get the best of both worlds; All the advice you need to make educated decisions about your situation and a fee structure that ensures you don't pay until we perform! The Russo Team has these systems to:
Actively Market Your Property
Consistently Communicate With You About Progress
Always Represent Only Your Best Interests
Assist in Arranging Financing
Make Sure All Disclosures are Completed
Always Promote Fair Housing Opportunities.
If you what your house sold for the highest possible price with the least amount of potential liability and hassle, you owe it to yourself to call The Russo Team for a FREE CONSULTATION.