Risks of litigation

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Updated: 4/13/2007 7:49 am
Unfortunately not all home sales work out well for both parties. Litigation is often the result of poor paperwork and incomplete disclosures about the property. When a home is sold, the seller is required to provide a detailed report called the Transfer Disclosure Statement. This statement is designed to give the prospective buyer as much information about the property as possible. Things that should be disclosed are the condition of the structure, problems that have surfaced in the past, information about the neighborhood, whether or not lead paint is present and any other information that could influence a buyers decision. Sometimes after a sale has been finalized and the new owner moves in a problem will arise that will lead to a lawsuit. Lawsuits of this nature are usually long and expensive with neither party coming out ahead. The best way a seller can avoid a lawsuit such as this is to disclose everything they know about a property when sell it. A buyer can avoid this situation by having the property thoroughly inspected before finalizing the sale. If these two things are done most lawsuits about a property's condition can be avoided.
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