Must a seller correct the defects in the property?
No. The seller does not generally have the obligation to correct defects, known or discovered, unless there is a federal, state or local law requiring correction (e.g. septic systems pursuant to some local ordinances), or unless the seller has agreed to do so in the contract. Otherwise, any correction of the defects is a matter of negotiation as part of the purchase agreement.
When lenders are reviewing an applicant’s qualifications for a mortgage, there are many aspects that they must take into consideration. For VA loans specifically, not only do lenders look at overall debts (credit card expenses, installment loans, and your new mortgage expense), they also look at additional and every day expenses (such as food, clothing and gas) to ensure there are enough funds available to cover the mortgage and basic living expenses.
This is known as the Residual Income Requirement. When qualifying for a VA purchase or refinance, you will need to meet certain minimum residual income numbers based on your requested loan amount, where you will be buying and how many people will live in the home.
Below is an example of a residual income requirement chart.
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Yes. The terminology “As-Is” simply means that the seller will normally not be paying for any repairs to the property. An “As-Is” sale may not exempt a seller from disclosure material information about the property. The seller must still accurately complete a Residential Property Disclosure Report and deliver it to the buyer, unless otherwise exempt and must still disclose other material facts affecting the value or desirability of the property.
Generally, the seller must complete the Residential Property Disclosure (RPD) and deliver it to the prospective buyer as soon as practicable before the preparation of an offer. Seller should thoughtfully and carefully consider each question and answer it accurately, erring on the side of more, than less disclosure. Some transaction are exempt from this requirement. Sales associated do not have the obligation to verify statements made by the seller on these forms.
A seller must disclose known material defects about the property. Typically, a sellers makes these disclosures on a Residential Property Disclosure (RPD) Form. However, if an items is not covered on a RPD, a seller must still make disclosures about known material defects. In virtually all cases, a buyer will discover any problems once the buyers occupies the property. By disclosing all problems up front, the seller can avoid the surprise that many times provokes a lawsuit. Even if a matter has been repaired, the seller should disclose the previous defect and repairs completed.
The Residential Property Disclosure is a form required by state law which the seller completes (unless exempt) and delivers to prospective buyers. Among other things, it asked the seller to list the various features of the property and disclose whether or not any of these features are in operating condition. It also allows a seller to states whether the seller is aware of a variety of commons issues that might affect the property and any recent repairs.
In 2013, the State of Ohio updated the Residential Property Disclosure.