When buying a house we all know the pitfalls, and our realtor will guide us through any other nuances of house purchase that we may be unaware of. However, as with everything else, fads and changing lifestyles can move the goal posts and catch us all out! With this in mind, here is a cautionary note if you find yourself looking at ex-rental properties.
The reason that rental properties fall into a separate category is that the owner of a house always has to disclose facts about the property for sale, and also has to be truthful in this disclosure, for fear of a civil law suit. However, if he has recently rented the property, he may be justified in saying that he had no knowledge of any latent damage.
Therefore, if you buy an ex-rental home, and face such conditions as damp dry wall, or a mold that appeared in the basement after your offer is accepted, you may have no rebuttal. There may be grounds for him to legally deny responsibility.
Unexpected mold in a home could be a reflection on the changing face of modern day society. In some areas, realtors are reporting a comparative surge of properties on the market that have been used by the previous occupants...
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