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Obligations to disclose
information about a property vary from state to state. Under the strictest laws, the seller and the seller's broker, if
there is one, are required to disclose all facts materially
affecting the value or desirability of the property which are known
or accessible only to him. Items sellers often disclose include: homeowners association
dues; whether or not work done on the house meets local building
codes and permits requirements; the presence of any neighborhood
nuisances or noises which a prospective buyer might not notice, such
as a dog that barks every night or poor TV reception; any death
within three years on the property and any restrictions on the use
of the property, such as zoning ordinances or association rules. It is wise to check your state's disclosure rules prior to a home
purchase. |
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