3.0 hours Disclosure Is Not A Secret Course Syllabus
3.0 Elective Hours.
Structural defects are frequently hidden from view when buyers are walking through a property. There are two effective ways to minimize the risk of nondisclosure of structural defects.
The standard of care in most areas is to engage the services of a professional home inspector or a building contractor to see if any damages can be noted. They will bring a third-party opinion to the transaction and are typically employed by the buyer to find problems with a property.
Seller's property disclosure forms are now the standard of care in most areas and are required by law in many states. The seller is obligated to disclose the existence of any known structural defects in the property in writing and sign the disclosure. Pre-printed disclosure forms are helpful in covering all areas that may become a problem in the future.
Sellers are prompted to comment on items they may not otherwise think to comment on. Licensees are prohibited by law from filling out the seller's disclosure statement unless they are a principal in the transaction. Remember the forms must ALWAYS be filled out by the seller in their own hand.
Proper disclosure is the best risk reduction tool for real estate licensees. This course aids the real estate licensee by covering disclosure law. Case studies and examples are used to help the licensees have a greater understanding.