Buying the perfect home can be a dream come true. Discovering there is something wrong with the house can quickly turn that dream into a nightmare. During the extensive home selling and buying process, sellers are responsible for disclosing defects to buyers. Failing to disclose those defects could give buyers the option to seek financial compensation. Illinois residents who discovered a defect after purchasing residential real estate should keep some of the following in mind.
Selling a home can be difficult, especially if the house has a few significant problems. Defects are more than just older appliances that might break down or need repairs in the near future. Instead, defects are specific problems with components or systems of residential properties, and these problems pose a significant threat to property value or personal safety. Sellers can either address this problem by repairing defects, or can disclose the issues to potential buyers.
However, some property owners are so eager to sell that they might conveniently leave out information about defects. Home inspectors and brokers can also overlook, fail to notice or purposely leave out information about those defects. These actions erase the ability to make fully-informed decisions. Since real estate is the largest investment that a person might ever make, fully understanding the ramifications of that purchase is absolutely necessary.
No one in Illinois wants to purchase a home only to discover that something is seriously wrong. Because of this, it’s important to review the list of defects that state law requires sellers to disclose ahead of time. An attorney who is familiar with residential real estate should be able to explain a person’s rights when purchasing a home, as well as actions to take upon discovering an undisclosed defect.