Behind The Real Estate Curtain

EIFS, also known as Synthetic Stucco, provides insulation, weatherproofing, and a finished surface in a single integrated product.  Since 1994 the "EIFS problem" has been a source of anxiety for prospective homebuyers. Research has determined that wind-driven rain enters the waterproof barrier EIFS surface in and around windows and other penetrations and at wall/roof intersections. Because barrier EIFS systems provide no means for allowing water to escape the wall cavity, intruding water is trapped inside the system, where it can remain for extended periods of time and eventually damage and even rot wood framing, sheathing and other moisture sensitive building components. These problems can occur regardless of the age of the building or the quality of construction, therefore EIFS homes should be regularly inspected. (Source: www.gethomeinspector.com) Additionally, if the EIFS touches the ground it can wick moisture from the ground into the walls.  This was a proble...

Lead based paint can be a real hazard to young children.  Virginia law requires that Sellers must disclose to Buyers any knowledge they may possess of lead based paint being present in any home built prior to 1978.  Sellers are required to disclose to Buyers that such property may present exposure to lead from lead-based paint that may place young children at risk of developing lead poisoning. Lead poisoning in young children may produce: ·          permanent neurological damage, including learning disabilities, ·          reduced intelligence quotient, ·          behavioral problems, ·          impaired memory. Lead poisoning also poses a particular risk to pregnant women. The Sellers and Landlords are also required to provide the Buyer or Tenant with any information on lead-based paint ...

Between 2004 and 2007 some drywall manufactured in the People's Republic of China and imported into the United States contained elemental sulfur exceeding 10 parts per million that when exposed to heat, humidity, or both, releases elevated levels of hydrogen sulfide gas into the air.  Additionally, there was drywall imported from China that has been designated by the U.S. Consumer Product Safety Commission as a product with a product defect that constitutes a substantial product hazard within the meaning of § 15 (a)(2) of the Consumer Product Safety Act (15 U.S.C. § 2064 (a)(2)). If the Sellers have knowledge that their property contains any of the affected drywall, they are required by Virginia State law 55-519.2 to disclose this to any potential Buyers.  This disclosure is exempt if the property falls under the exemptions contained in 55-518;   ·          Transfers pursuant to court order of an estate, ·   ...

Previously I posted the Buyers are responsible for conducting due diligence about a property they are considering purchasing.  I also listed in that same post titled “Buyer Beware” the list of disclosures are not required to make.  However, there are disclosures Sellers are required to make.  One is pertaining to military air installations. According to Virginia state law 55-519.1 Sellers are required to disclose to any potential Buyers if the subject parcel is located in a noise zone or accident potential zone, or both.  Such disclosure shall state the specific noise zone or accident potential zone, or both, in which the property is located according to the official zoning map. Every jurisdiction where an air military installation is located will maintain an official zoning map that delineates crash zones and noise zones.  Most of these maps are available online or by contacting the jurisdiction the property is located.  Having spent thirt...

Virginia is a “Buyer Beware” state.  Buyers are responsible for conducting due diligence investigations as to the property they are purchasing as well as the surrounding properties. The Sellers are only responsible for disclosing conditions, of which they have knowledge that may affect the health, safety and structural soundness of the property offered for sale.   They are not responsible for disclosing anything that may be planned outside those four corners. Virginia State Code 55-519 outlines everything that the Seller is not responsible to disclose, i.e.; ·          no representations or warranties as to the condition of the real property or any improvements thereon, or with regard to any covenants and restrictions as may be recorded among the land records affecting the real property or any improvements thereon ·          no representations with respect to any matters tha...

So you’ve found the perfect house.  Lots of open space.  Huge windows to allow natural light to bathe the rooms.  The perfect location close to great schools, parks, shopping and activities.  The rooms are even painted in colors you love.  You are in love with this new home. But wait!  Is it everything it is presented to be?  Are there any secrets lurking beneath that could cost you big bucks in the long run?  Maybe.  Maybe not.  The only way to reign in your emotions is to have an unbiased third party examine the home.  That person is a home inspector.  The inspector, if they are proficient at what they do, will look in every nook and cranny from the top of the roof to the bottom of the basement or crawl space and everywhere in between.  They will make a list of everything they find that is deficient, questionable or impressive…complete with photos. Once you receive the report, you should read it carefull...

Signing a Buyer Broker Agreement with an agent means that the agent now represents you as a “regular” agent.  In that agreement you will also be asked if you are willing to work with a Dual Agent or a Designated Agent.  Let me explain… A “regular” agent is the agent showing you properties that meet your criteria but they are not the listing agent for that property.  The properties may be listed by that agent’s brokerage firm, but by another agent.  If you agree to Dual or Designated Agent then that agent may also show you properties they are the listing agent on.  They must advise you they also represent the Seller when they show you the property. If you choose to make an offer on any of the properties you agent is the listing agent on, then the concepts of Dual Agent or Designated Agent come into play.  Let me explain: A Dual Agent is an agent who represents both the Seller and the Buyer at the same time.  Both the Seller and the ...