No Representation
NC is a Caveat Emptor state. This is a latin word for “Let the buyer beware”. It really falls on the buyer to do their due diligence and property inspect and determine if property is the right one in the right condition for them. Building on last weeks entry, sellers can’t Misrepresent the property, but they have options too. All of this can get a little confusing, but thats what this series is all about.
One of the first things I will give you as a listing agent is the “home work pack” This gives you all of the needed forms and disclosures we need to get started listing your home. I have another entry on this process in early episodes HERE. The disclsoures are forms like the Residential Property Owners Disclosure (RPOD) and the Mineral Oil and Gas Rights Disclosure. (MOG)
These forms will ask the seller questions about the home. If you are a seller, its important to give accurate and truthful information so you don’t get hit with misrepresentation. These are a series of Yes No questions but one of the options is “No Representation”. This is the sellers telling the buyers “I don’t know or I’m not willing to say either way”
Is this a red flag?
This isn’t an automatic flare begging for attention if a seller chooses this option. We live in a very litigious society and misrepresentation is a serious offense. No representation is a way that sellers can protect themselves. This doesn’t allow for the hiding of material facts (EP49).
Due Diligence
Buyers and their agents should be doing their own homework with inspections and researching the property. Using reputable vendors and quality inspectors will insure that the surprises are caught early in the process and are armed with the needed info to make the right decision.
Pre listing Inspections
If you’ve read any of my previous post, you likely will come across my encouragement for sellers to do their own inspections before listing. This is not only a great idea to avoid stress points later in the process, but a licensed inspection by the seller includes some additional protection for the home owner.
More to come
If you like these videos there are more on the way. I have a list being generated that will take me all the way through the end of year and into episode 100. If you have some ideas on things you’d like to see covered be sure to send them my way. Also head over to the web page where you can find some additional info on all things Albemarle area real estate. Welcome Home!
Chris Whitehurst
Rose and Womble
252 312 2263