Real Estate Information

   A number of people have requested information about various local and national blog.   Following is a list of blogs that you may find enightening and educational.

http://www.real-estate-blogs.com/ , http://activerain.com,

     A recent bill submitted to the Indiana State Legislature proposes to repeal the current law that requires an owner of residential real estate to: (1) complete and sign a real estate disclosure form; and (2) submit the form to a prospective buyer before an offer for the sale of the residential real estate is accepted. In a letter supporting his bill, Senator Steel states that the current form does not allow the seller to provide explanations; it only provides for whether each item is defective, not defective, or unknown.

     Senator Steel cites as an example this if a seller’s home has a separate heating on the upper level and another one for the lower level, and there is a minor defect in the upper level system, the prospective buyer may be misled into thinking there is a major defect that could be too costly to repair. Like Senator Steel, many people may believe that selling a home should be like selling a used car, allowing the rule, “Let the buyer beware”, to place on buyers the burden to hire an inspector to determine the condition of the home. After all, home inspection is part of the current practice in real estate sales.

     I suggest that the current law should not be repealed, and that it serves to protect not only buyers, but the interests of sellers as well. It is much easier for sellers to defend themselves later for a defect that was initially disclosed but later turned out to be much worse than originally thought. The buyer knew about the defect, had the opportunity to have the extent of the defect inspected, and walked into the deal eyes open. Proof of the disclosure is in writing. Repealing the current law will only increase the numbers of lawsuits, clogging the courts, and placing both buyers and sellers at risk.

     Regardless of your opinion concerning the proposed bill, if you are buying a home, you should employ a highly reputable inspector to give you great peace of mind that you will not likely encounter any surprises. A great real estate agent will have trusted and reliable inspectors for you to select to make certain that you have the perfect home.

   Welcome one & all to Tony's Topics.  I'm Tony English and on this blog I will bring you news and information that you care about concerning all things real estate. 

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