Final answer:
When a buyer shows interest in a property, the seller must disclose all material facts, including any structural issues, past damages, or environmental hazards. To reassure a potential buyer dealing with imperfect information, the seller can offer a home warranty, present a professional inspection report, or complete necessary repairs. Sale price often reflects the disclosed issues.
Step-by-step explanation:
When a buyer is interested in a property listing, the seller and their agent are required to disclose all material facts about the property that could affect the buyer's decision. Material facts can include any significant issues or defects with the structure, any past damages, such as from fire or floods, and any environmental hazards. It is also important to disclose any legal issues such as liens or encumbrances on the property. Alongside these disclosures, a seller can reassure a potential buyer with imperfect information by offering a home warranty, providing a professional home inspection report, or having repairs completed prior to the sale.
For example, in a real-estate context, if a house is being sold and there is a landfill next to it or a factory across the street, these details should be disclosed as they have a significant impact on the property's value and livability. The sale price often reflects these issues. If a buyer is concerned based on the information provided or imperfect information, the seller might also show transparency by allowing a walkthrough or by providing additional data or records about past maintenance.