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Disclosures Regarding the Neighborhood
By marionduffy | January 11, 2008
When it comes to buying and selling real estate, California has more disclosures than Heinz has pickles. But they should not be taken lightly and are there to protect both the buyer and the seller. Buyers may not take two of them as seriously as they should. They are the Neighborhood Noise Sources disclosure and the Neighborhood, Area; Personal Factors disclosure. I think the most important message these two disclosures give is that what bothers one person may not bother another or what one person may consider a nuisance is no big deal to another.
The Neighborhood Noise Sources disclosure advises the buyer that although the property may not be in an “identified airport noise influence area”, there still may be aircraft noise as well as other sources of noise such as traffice, trains, etc. The Neighborhood, Area; Personal Factors disclosure advises the buyer that there may be other conditions that affect the desireability of the property to the buyer. The buyer has the right and the responsibility to check into any condition the buyer considers important regarding the neighborhood and the area.
While it is true that some sellers do not disclose a known nuisance or even try to cover it up (big mistake on the part of the seller!), there are some conditions that the seller may not be aware of or that the seller just does not consider a nuisance.
I have a friend who bought a home in Irvine several years ago. She bought a house on a corner lot near the entrance of the tract. Once she moved in, she discovered that her tract is actually a short cut many motorist take to avoid lights at busy intersections. It is particularly bad during the morning rush hour. She said there are times that she has a hard time just pulling out of her driveway without getting hit. Maybe the sellers were aware of this and failed to disclose it. Maybe they left for work really early or didn’t work at all and were not affected by it.
After an offer has been accepted by the seller, the buyer has a “contingency period” to do inspections and investigations of the property. This is typically 17 days. I suggest that a buyer drive by the property several times during that period and at different times, morning, night, weekdays, weekends. Walking through the neighborhood is also a good idea. Take note of the traffic, parking, noise, etc. Talking with neighbors is also an excellent source of information.
It is so easy to get wrapped up in finding the perfect house, that we forget that the neighborhood is a really important element of that house. Take the time to check out the neighborhood and area. You can change and remodel almost anything in the house, but there is very little you can do to change the neighborhood.
Topics: Selling a house, Buyers, Real Estate Forms |