When the term “material facts” is used within Spring TX Real Estate circles it refers to important information about a property that may have an impact on decisions made by either a buyer or a seller. Usually the scope of the information deals with some physical aspect of the property buy can also include such information as the real estate taxes that are payable on an annual basis or information that indicates the property is currently being used as collateral. In most states, failure to reveal such material facts is an offense and can nullify any transaction that may have taken place.
A very common material fact is the disclosure of damage to the property. As an example, if the roof of a building has been severely damaged by a storm, it is the sellers responsibility to reveal this to the Spring TX real estate agent who in turn reveals it to the buyer or the buyer’s agent. To make sure there is no confusion with the information being provided, it is done in writing. Anything that may cause a potential buyer to have second thoughts about making an offer or the price they may wish to pay must be divulged.
As well as the physical issues that have to do with the property, the material facts must also be disclosed. The material facts are such things as the lot area and the floor area of the building. Material facts include divulging the number of rooms in the home and their make-up, how many bedrooms for example, how much finished basement space, the area of the attic and even to the number of windows.
Material facts that need to be disclosed are the property taxes that are assessed annually. The sellers of the property are advised to prepare confirmation of the tax rate and amount, they also must confirm the current status of the taxes, have they been paid or are they due upon completion of the sale. If the piece of Spring TX real estate has a current lien, this must be divulged as it may have a negative effect on the negotiations.
Buyers must make every effort to get any and all information they can from the seller so that an informed decision can be made.
When you have an interest in Spring TX real estate, either as a buyer or seller, you are invited to contact Robert Wood. Robert is the local agent of Re/Max and is a member of the National Association of Realtors.