Connect with us

Hi, what are you looking for?

press release

Les Kramsky, a Highly Regarded General Counsel, Discusses Stigmatized Properties

Les Kramsky, Esq., who is the General Counsel at the Money Store and a Real Estate Expert, Explains What Needs to be Disclosed for “Stigmatized” Properties

05/23/2012 (press release: lesrkramskyesq) // Marlboro, NJ, USA // Joan Reddy

This article focuses on stigmatized properties and exactly what disclosures, if any, are required. Basically, a stigmatized property is one where some event produces more of a psychological impact rather than a physical impact or defect. Property may be stigmatized by events like murder, suicide or drug-related arrest, or the property may be considered haunted by ghosts or spirits. Stigmatized property also includes those premises on which a famous person may have once lived.

In a recent article that appeared in Fox Business News, Real Estate Attorney Les R. Kramsky, Esq. stated that “When selling a house there are required disclosures in almost every state.” “If you know about any roof or basement leaks, you’re obligated to disclose them.”

Most states do not require the disclosure of a haunted house, murder, suicide, felony or other crimes that occurred on a property. However, the past presence of a meth lab has to be disclosed in some states, including in Illinois because there can be a lot of chemical residue left over that could make people sick.

Mr Kramsky further stated that “If homeowners knowingly withhold any material information to a buyer, the seller could face a lawsuit. Winning a lawsuit of that nature may not be that easy. According to General Counsel Kramsky, not only can it be expensive to sue the seller, but the buyer will have to have a really strong case to win.”

“If you don’t disclose it nothing will happen unless after the buyer purchases the home something happens, then they have right to sue the seller,” says Kramsky. “It’s kind of like lemon laws, you can sue for any type of misrepresentation.”

Mr. Kramsky concludes by stating that :When in doubt, and authorized, it’s usually best to disclose the information, even at the risk of losing the sale.”

Social Media Tags:Real Estate, Mortgages, Les Kramsky, Law Offices of Les R. Kramsky, Les R. Kramsky, Mortgage Banking Attorney, Real Estate Attorney, Banking Attorney, General Counsel, Stigmatized Properties, Seller’s Disclosures

Newsroom powered by Online Press Release Distribution – SubmitMyPressRelease.com



You May Also Like

press release

With a deep understanding of the latest tech, Erbo helps businesses flourish in a digital world.

Business

State would join dozens of others in enacting legislation based on federal government’s landmark whistleblower statute, the False Claims Act

Health News

The cosmetic and facial plastic surgery practice is hosting a grand opening celebration and ribbon cutting for its new Chattanooga state-of-the-art location.

press release

#Automotive #Carbon #Canister #Market #Projected #Hit #USD New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) —  According to a comprehensive research report by Market...