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When selling a home, there are rules you must follow. If your house has mold, termites or there’s some old heating tank buried in the basement, and you know about it, you can’t pretend those problems don’t exist. Disclosure laws are in place, and require someone to disclose this important information before a sales contract can be signed.

While the disclosure laws differ from state to state, it’s pretty universal that fraudulently concealing any major problems is a no-no. That means if your foundation is crumbling or your basement floods every time it rains, you’ll most likely have to say something.

Some states don’t have a standard disclosure document but instead employ the“Caveat Emptor or “Buyer Beware rule, stating it’s the responsibility of the buyer to ascertain if there are any issues with the home.

Property disclosure plays a vital role in a real estate deal. Today, it is almost standard for written disclosures to be included in the contract, so when you sign one, be truthful. If not, you’re looking at costly fees and possibly a major lawsuit.

The first step is to confer with your real estate agent and/or attorney about what’s required to disclose. You can also check with your town’s city planning department about local ordinances and disclosures that can come into play.

Generally, you are only responsible for disclosing information that you personally know about. So, if there’s a condition you didn’t know about, and weren’t told about when you previously bought the house, it’s not necessary to hire an inspector to come look for things.

However, some states do require more investigation on your part. There are laws that require a homeowner to search for some of these major problems (especially mold and lead paint) whether you see problems or not.

If you’re in the market for a new home, you should always demand that a disclosure statement be included a part of the contract. This will protect you in the event something does pop up once you move in. While you can’t force someone to sign this, a simple threat that you’ll walk away will, more often than not, force a buyer’s hand.

If people do refuse, and you still want the house, it should send up a red flag that something might be wrong, and you should invest a little more in inspections and do your due diligence about the neighborhood. Better to be safe than sorry and make sure the home of your dreams doesn’t turn into a nightmare.

Published with permission from RISMedia.

These days, homeowners are embracing the future and fitting their abodes with an array of smart home technology, including smart faucets. And there are more benefits to a high-tech, hands-free faucet than you might think.

Following are just a few of the reasons to upgrade your home with smart faucets.

Hands-Free Control
The motion-activated faucet has been around for a while, and those who have one can agree that its a lifesaver when your hands are covered in grease but you dont want to get the sink dirty in order to wash them. These days, smart sinks can sync up with your smart home assistant, so you can use voice commands to turn it on, off, and even heat up the water when your hands are full.

Precise Dispensing
When the recipe calls for two cups of water, you can forget about pulling out the measuring cup. All you have to do is say the amount you need and its as easy as that. You can also give custom commands to make your daily routine easier, such as filling the kettle or coffee pot, meaning that your sink becomes your own virtual assistant in the kitchen.

Monitor Usage
Theres the added bonus of being able to see exactly how much water youre using. Some smart faucets, like the Kohler Sensate, utilize a sensor on the valve to monitor usage and leaks, which is then displayed on an app. If any unusual usage is detected, youll receive an alert on your smartphone.

No Fingerprints and Smudges
Hands-free control, whether youre using voice commands or motion sensors, means your kitchen sink stays cleaner. For those who cant stand a dirty kitchen, those fingerprints and smudges on the faucet can be a real pet peeve. With a smart faucet, you can rest assured your sink will never lose its luster regardless of how much use it sees.

Published with permission from RISMedia.

After a person dies, family members typically go through the long, complicated probate process to decide the fate of the individuals assets. A trust explains how assets are to be distributed, but the process is much quicker since it doesnt involve courts. Putting your home in a trust could make things easier for your loved ones, but there are some drawbacks.

Benefits of Creating a Trust
If you died with only a will, your assets would be distributed through the probate process, which could take a year or longer. Your family members could have to attend several court hearings, which could be expensive and time-consuming. With a trust, your beneficiaries would receive property quickly. If they chose to sell it, they could avoid the complications of probate.

When a person has a will, family members must pay an attorney to guide them through the probate process. With a trust, youd pay an attorney now to set it up, and your family wouldnt have to pay legal fees after your death. If you owned property in other states, a trust could help your family avoid having to hire attorneys in each state.

When courts process a will, the distribution of assets becomes a matter of public record. If youd prefer to keep that information private, a trust could help since it would be handled outside the court system.

Downsides of Putting Property in a Trust
Setting up a trust is much more complicated and expensive than writing a will, especially if you want to use a trust to manage multiple assets. If you put your home in a trust but didnt include other assets, those assets would need to go through probate and might be subject to estate taxes.

Assets need to be titled in the name of the trust so they can go to designated beneficiaries. If you transferred property ownership to a trust, that might cause problems with homeowners and title insurance.

Types of Trusts
With a revocable, or living, trust, you could add or remove assets, change the beneficiaries, or dissolve the trust entirely. You would continue to own and legally control the assets until your death. Since the property would still legally be yours, creditors could seize it upon your death, and it could be subject to estate taxes. If you became incapacitated, someone else could take over as trustee.

With an irrevocable trust, a trustee would become the legal owner of the property and take responsibility for managing it. Assets would no longer be considered part of your estate and wouldnt be subject to estate taxes. An irrevocable trust couldnt be changed once assets were put into it.

Talk to an Attorney
Putting your home in a trust could spare your loved ones the time and cost of going through probate and shield your property from estate taxes and creditors. Discuss your financial circumstances and goals and the pros and cons of a trust with an estate attorney.

This article is intended for informational purposes only and should not be construed as professional or legal advice.

Published with permission from RISMedia.

For many first-time homebuyers, a fixer-upper is a great option. While a few repairs, a couple coats of paint and some TLC can go a long way, some homes can harbor more costly and unexpected problems. Here are some warning signs to consider before you purchase that fixer-upper:

A Faulty Foundation
If a foundation is cracked, bowed or shifted, the cost for repair can reach the tens of thousands. Before you consider putting in an offer, and along with the home inspector, call in a structural engineer to check for problems, including moldy basements or infestation damages, to determine whether the potential cost of repairs is worth the price of the home.

Outdated Electrical Wiring
From an old fuse panel to substandard wiring, electrical issues are something to look out for before you purchase a home. Outdated electrical work can cause house fires and run costly in regards to your utility bills. Consult a professional electrician to discuss any issues, dangers and repair costs.

Pest or Insect Infestation
Termites love wood, which is the material most homes are made from. When touring a home, be sure to check for sagging floors and ceilings, droppings (from mice or other small rodents), foundation problems and structural damage. Prior damage, or even worse, active termites, can cost thousands to repair or exterminate. Discuss any issues with the home inspector first!

A Damaged Roof
With a fixer-upper, replacing roof shingles should be expected. However, if the roof is sagging, leaking or needs multiple layers of shingles, you may discover another extremely costly repair. An inspector, as well as a professional roofer, can give you a quote, however, this is a particularly important piece of the home; you may want to negotiate having the sellers repair it before putting in your offer.

Old Windows
Though charming, old windows can quickly become one of the most expensive aspects of any home. Original windows are a considerable cause of energy loss and costly utility bills, and unfortunately, the cost for new, energy-efficient windows isnt cheap. Reach out to your real estate agent to request the last 12 months of electric bills to determine the potential cost of keeping or replacing the windows.

Published with permission from RISMedia.

Home shoppers who haven’t checked their credit report months before applying for a home loan may be in for a shock when they visit a loan officer. A host of problems could pop up: Their credit score could be a little too low to qualify for the best rate on a mortgage, they’re using a high percentage of their credit, or a credit card payment they sent on time is shown by the creditor as arriving late.

A rapid rescore can help if you’re in the middle of the process of buying a house. And it can help with a quick mortgage approval, having a days-long turnaround instead of a month if the issues can be resolved quickly.

How Rapid Rescoring Works
A rapid rescore is a process done by a lender or mortgage broker to quickly fix credit report errors that can hurt a credit score. It’s a process that can only be done by a lender or a company that specializes in rapid rescoring and has access to credit reporting company data that is pulled from credit bureaus.

Rapid rescoring takes 3-5 business days, while consumers who try to improve their credit score by contacting a credit company can spend 30-45 days fixing their credit score. Sometimes it takes that long because a credit service legally has 30 days to respond to a request, which is what they normally take with requests from individuals.

A rapid rescore can raise a credit score by 100 points or more within a few days, but that’s only if the negative information can be cleared from your credit profile quickly.

For example, paying a credit card down so that a credit utilization ratio”your outstanding balances compared to your credit limits”is less than 30 percent, can boost a credit score by 10 points or more. That could be enough to increase a 715 credit score to 725, where a 720 score is the cutoff to get a lower interest rate on a loan.

Fixing credit report inaccuracies is another reason to use a rapid rescore. Having proof that a payment was made on time, for example, when a bank says it wasn’t could be an error worth fixing.

Costs of Rapid Rescoring
The Fair Credit Reporting Act doesn’t allow borrowers to be charged for disputing inaccurate information on their credit report. Rapid rescoring fees are paid by the lender and can cost $20 to $40 per credit account that’s being checked by each credit bureau.

Updating the three major credit bureaus for three or four credit accounts can get expensive. Some lenders may average all three credit scores, while others may just use one credit bureau’s score.

Or, if you want to do it yourself, you can obtain a free copy of your credit report once per year from each of the three major credit bureaus: Equifax, Transunion and Experian. If done a month or more before applying for a home loan, it will give you enough time to review the reports and fix any errors.

Published with permission from RISMedia.