Silicon Valley REALTORS® regularly keep abreast of issues and questions that have a significant impact on their industry. At a recent meeting of the Silicon Valley Association of REALTORS®, David Hamerslough, the local trade association's board attorney, shared issues that are at the center of many real estate disputes.
Hamerslough, who is a partner in the firm Rossi, Hamerslough, Reischil & Chuck in San Jose, told REALTORS® disclosure is the single biggest claim in real estate disputes. He said sellers need to be aware of their obligation to disclose all material facts affecting the value and desirability of the property. Sellers need to understand the importance of the disclosure documents. If the seller has any question about the disclosure documents, the seller should consult an appropriate professional.
Hamerslough said buyers, in turn, need to take the opportunity to investigate the property and retain appropriate professionals to assist them in the process. Often, the initial inspections refer the buyer to another professional or suggest additional inspections. Buyers should follow the advice and recommendation given by the initial inspector. "It is important that the buyer retain an appropriately qualified inspector, and it is usually better to obtain any reports in writing," said Hamerslough.
Once a buyer has completed their investigation of the property, the buyer can then decide whether they want to proceed with the transaction; back out, assuming they have a right to do so; or attempt to negotiate additional terms on the basis of the information they have received.
Hamerslough then repeatedly stressed both buyers and sellers must read all documents they receive. "Buying or selling a home can be rewarding, but also stressful. It's one of the most important decisions you can make, so it is important that you are aware of the terms agreed upon by all parties in a transaction," said Hamerslough.
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please email or call the SILVAR office at (408) 200-0100.