Do Realtors have to disclose notorious events that occurred at a property?

Realtors are required to disclose material facts to home buyers. Is a murder or other notorious event a material fact?
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Do Realtors have to disclose notorious events that occurred at a property?
Take the case of a salesperson named Roscoe who has a client named Zane. Zane is a long time friend of the family and he listed his luxury condo for sale with Roscoe. Zane's condo is beautiful, immaculately clean and in a nice part of town. But things get a little complicated from here. Zane's condo was the site of a widely publicized and grisly murder of a celebrity who lived in Zane's building. The celebrity's body was found in Zane's second bedroom. As a result of the murder, Zane had weeks of bad dreams until finally he moved to a hotel and enlisted Roscoe's services. Roscoe put the condo on the market and shortly there after it sold at open house to Deanna. Deanna thought it was sort of cool to be connected to the celebrity. Roscoe kept in touch with Deanna through annual calendars and then a few years later when Deanna was ready to move she asked Roscoe to list the property. Roscoe listed the property for sale but he neglected to either disclaim or disclose the murder. Sally bought the condo and then one night while reading Wikipedia, she finds out that her home was the site of the celebrity's final moments on this earth.  Sally uses that room for her nursery. Since Deanna and Roscoe did not disclose the murder, does Sally have an action against Roscoe, Deanna or for that matter Zane? In the Commonwealth of Virginia, there is no requirement to disclose (or disclaim) "stigmatizing events". Stigmatizing events are events which have no physical affect on the property. So, whether the property was the site of a homicide, felony, or suicide, the seller and agent are not required to disclose the event.
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The U.S. Department of Housing and Urban Development (HUD) says that since so many details, especially financial ones, are involved in buying and selling a home, using a real estate agent is a good idea because that professional can be a guide throughout the process, making the entire process and experience so much easier. The key to a successful and positive experience with a real estate transaction is finding the right professional to assist you. While a real estate agent can meet your needs, the services of a Realtor® will suite your needs even better.

In {Location_Name}, what’s the Difference Between a Real Estate Agent and a Realtor?

Of the more than two million people who have earned real estate licenses, only a small percentage of them are Realtors. Realtors, who are members in good standing of the National Association of Realtors, their state association of Realtors, and a local real estate board, are held to high standards of ethical behavior and undergo continuing education annually to remain accredited. All agents of Nesbitt Realty are Realtors!  

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Renting is an excellent way to get some firsthand experience in a neighborhood. Renting may let you sign a one-year lease, say in a Shirlington two,-bedroom condo for example, with the option to continue, if you like the neighborhood. An advantage of this is you can test the waters to see if you really love the features of this neighborhood or not. If you do not like where you are, for example, if the four-bedroom, two-story home in Lorton is not your style, you may relocate to another place.

Pay as You Go

Many Americans live from paycheck to paycheck. Upfront, you will have a security deposit with a rate that depends on your credit score. If you have a good credit score, your property manager may only charge one month’s rent, for a security deposit. On the other hand, if you have a poor credit score, your property manager may charge two months’ rent for a security deposit. After this initial fee (which may be refunded if you meet the requirements like passing the move out inspection), it is a comforting feeling to know that after a chunk of your paycheck is put into your monthly rent, there’s a good portion of it left for bills, necessities, and fun expenditures, like neighborhood nightlife, or personal hobbies.

Short-Term Commitment & Little Investment

Not sure if you want to stay in {Location_Name} as a Washington DC commuting GS-5? Do you have plans of living in California and seeing Napa Valley, Los Angeles, and San Francisco firsthand? Are you active duty military with upcoming orders for a new assignment, with no interest in the responsibility of becoming a homeowner? If so, these questions may make you lean towards renting, as opposed to buying. It is nice to know that as a renter, you would not have to concern yourself about footing the bill for a repair on a roof that is falling apart, paying a monthly a condo fee (that could range anywhere from $150-$700), or paying the bill for a lawn service to pick up the leaves from your $1,000,000 Mount Vernon home in fall. Overall, renting may be cheaper up front, but it is not for everyone. Also, who says you simply cannot purchase a property at a later date?

Build Your Credit While You Sock Away Savings for a Down Payment

Paying your bills on time is an excellent way to build your credit score, and to show lenders that you know how to manage your money. If you are frugal, you can take a chip off each pay check, to build up a savings for buying a home in the future. The return on applying your savings to the purchase of the home of your dreams can be exponential. For those with an eye on the future, being a responsible tenant can prepare you financially and teach you the accountability necessary for home ownership.

Roommates

Spending time with friends can make for priceless memories. Living together can be fun and slightly cheaper than going solo. The process of getting a group of friends together to rent out a property may be very rewarding and challenging. A Nesbitt Realty Realtor, like Stuart Nesbitt, is capable of making the later stages of finding and renting a property simple. There are many different neighborhoods in Northern Virginia to choose from, that can fit your specific needs such as:
  1. being metro accessible,
  2. having a main street,
  3. being near a good school,
  4. being luxurious,
  5. being of a certain type of building style [e.g. high-rise or garden style, for example],
  6. being affordable,
  7. or even being off the beaten path.
   
  1. Get better tеnаntѕ
  2. Sреnd lеѕѕ time in соurt
  3. Fill vacancies fаѕtеr
  4. Nо mоrе сhаѕіng rеnt
  5. Mоrе free tіmе аnd less stress
Learn more about our property management services Agents at Nesbitt Realty are filled to the brim, qualified, and long-time locals.
For more information or to set up an appointment call Nesbitt Realty at (703)765-0300.
Real Estate Law,

Will Nesbitt

View posts by Will Nesbitt
Will is the principal broker of Nesbitt Realty and Condo Alexandria. He is licensed in anywhere in the Commonwealth of Virginia, but focuses on those communities found in and around Alexandria, Arlington, Mount Vernon and Springfield/Franconia. Will has been involved in real estate management, sales and investment for more than twenty years. He is a veteran of the U.S. Army. While in the army, he studied Russian at Monterey's Defense Language Institute. He is also a "veteran of the dotcom wars" and built most of the sites associated with NesbittRealty.com Will currently resides in Belle Haven Estates just outside Old Town, overlooking New Alexandria. He is a former president of the Mount Vernon Youth Athletic Association and founded the Alexandria Fun with Friends Group. Will is the author of BattlestorM, a tabletop fantasy game, which was published by Ral Partha Publishing in the late '90's, and Arthur's Realm, a boardgame available at the Gamecrafter.