Two biggies in real estate & both have to do with DISCLOSURE:
The seller and their agent need to disclosure hear-say, as well as facts. What does this mean? Hear-say can just be a passing comment from a neighbor, relative or disgruntled someone. But once it’s heard, it has to be disclosed, the source attributed and then disclaimed as not having been verified or confirmed.
You think that’s over the top? Well listen up:
A recent Court case that resulted in the rescission of a home sale illustrates this point. A property was sold to buyers who were informed shortly after closing by the neighbors next door that they had plans for an extensive remodel of their home, which would expand the neighbor’s property and permanently block the west facing view from the buyer’s new home. The remodel would also take two years to complete. This information had not been told to the buyers although it had been told to the agent and presumably was known by the sellers. The buyer filed for arbitration to rescind the sale and won. In addition, the arbitrator awarded the buyer more than $1 million for legal fees, costs and interest. The case continued on to the Appeals Court, and the appeal was overturned so the case will go back to court, maybe in two years…..
Email or call me if you’d like to discuss more examples of this thorny issue, or to request a more detailed summary of the full case as provided by Steve Sorrell, esteemed Pasadena attorney.
A more local note about Disclosure in Pasadena:
The City of Pasadena has introduced an option for sellers to self-inspect their homes to obtain the required City Occupancy Inspection. Self-inspection means that the sellers and their agents have the option of completing the City Occupancy Inspection report as opposed to having a City Inspector come to the house to do so. While some people who have some unpermitted space have said whoopie, I caution against it as it will result in a transfer of liability to the owner and could result in some nasty after close of escrow disputes.
The City of Pasadena has now updated their website for the Occupancy inspection. Until very recently, you could schedule an inspection and pay for the fees online. The recent changes show the new system with the option to self-inspect the property but there is no online ordering system.
Nancy has been licensed to sell real estate since 1991. This includes sales experience in residential, land and investment properties. Due to her vast experience and expertise in the handling of complicated real estate transaction, she as the chosen as the Official Real Estate Sponsor of the Pasadena Bar Association for 5 years.
Nancy approaches each home sale as a new work that will be given a glorious Premiere! The staging, set design, and presentation all result in her listings being the “buzz” all over town. Nancy harnesses the power of the Internet to give her listings a competitive edge. She sees the Web as the most valuable way to respond to the constantly changing real estate climate. Nancy has the experience, knowledge and flexibility to harness the power of the Web in real estate transactions to get her sellers’ properties the best exposure, worldwide.
Like most people in this field, Nancy had another career before entering real estate. After graduating from Northwestern University School of Music, she attended the Juilliard School. Nancy went to Europe for the summer to continue her vocal training and stayed for 12 years! She sang professionally as a lyric soprano soloist in Austria, Switzerland, and Germany. Nancy is fluent in German and has a very good ear for languages! Her years of living abroad have given her a deep understanding of Buyers and Sellers from varying cultures and traditions. This experience is a valuable tool in understanding client needs and translates into a superb skill in negotiating on behalf of her clients. The experience of living in Europe as well as recent trips to visit family in Asia, she has a deep understanding of varying architectural and decorating styles.