According to common laws and statutes, anyone selling real estate has a legal obligation to disclose all information that is relevant to a property’s value. Such a legal duty requires that real estate sellers inspect the property for any physical defects and other surrounding problems. Potential buyers must have access to documentation that provides information about whether a property for sale is within a radius of a zone that is deemed hazardous.
Real Estate and Land Law Attorneys in Palm Springs Suggest Finding Out About Natural Disaster Areas
Natural disasters such as flooding, earthquakes and outbreaks of fires can cause some major financial problems for homeowners. Expenses for such natural hazards include the costs of emergency personnel as well as relief and recovery efforts. One technique to help minimize the financial losses associated with natural disasters is to discourage people from residing in hazardous zones.
In 1998, the Natural Hazards Disclosure Law was passed to educate potential buyers that are interested in settling down in a particular area that is considered a natural hazard zone. This legislation requires a seller or real estate agent to make it known to potential buyers that a home is located within an area that is at high risk of getting damaged from natural hazards.
Disclosing such information to prospective buyers is significant because it provides a chance to make a fair offer on a property. Such buyers can take into account the following factors:
*The economic impact that natural hazards may have on a property’s the future growth and maintenance
*Expenses for coverage
*Receiving assistance after a natural disaster
Between 1997 and 2000, one study analyzed over 20,000 real estate deals in over 60 different zip codes. The study concluded that there was an average $8,000 difference in the value of a home before and after a flood event.
Reading a Disclosure Statement to Find Out About Other Information About the Property
In California, a disclosure statement about the location of real estate transfers is required by law. Palm Springs land use and zoning attorneys can inform sellers that this mandatory disclosure is not immune from a real estate sale that is considered “as is.”
The disclosure statement must include information about environmental toxins such as formaldehyde, which is a major hazard to children. Real estate and land law attorneys in Palm Springs can confirm that a disclosure statement essentially allows a prospective buyer to make an informed decision based on the potential hazards that may arise in the future.