mid this pandemic, residential real estate Lis in high des Northeastern Pennsylvania, primarily due to a combination of factors such as buyers taking advantage of unbelievable interest rates, a shortage of A demand in homes on the market and an influx of city dwellers moving to the area. If you were fortunate enough to recently find and purchase a home, here are a couple things to consider. Kevin M. Smith, Esquire 570.319.5018 THE LAW OFFICES OF Fax 570.319.5128 KEVIN M. SMITH, .C. kesmitha ksmithlawoffice.com www.ksmithlawoffice.com 409 N. State Street REAL ESTATE & CORPORATE LAW Clarks Summit, PA 18411 Seller Disclosure Issue? Have you recenly mved in to your home and discovered a physical problem with the property unaware propeny or involves an uneeasonable risk to people on to you prior to purchasing the home? This begs the question: Did this proldem occur for the first time afier stanement to confirm the issue was not disclosed. Abso, purchasing the property (which unfortunately in just had if you had a home inspection performed on the home lack for you) or did this problem exist and was within the knosaledge of the former owner. In Pennsyania, a seller of a home is required to disclose all material defects knoen to seller in a property dinsclosure statement nondisclosure case is proving the seler had knowledge of and shall peowide said statement to the buyer before an agreement of sale for the home is signed. The or defines a material defect as a problem that woukd have a significant advene impact on dhe value of the Paying Higher Real Estate Taxes Than You Should? the property. As sach, you should locate your diclosure Have you disconered that your neighlor with the newer and larger home is paying far kwer real estate tases than you? The amount of the taxes you pay is dependent upon your property' is lew than the aseament, or simply put, your asesment is incorrect. For example, this challenge wuka be utilized if you havr an appraisal that values the property les than the asseoment. The other challenge, non-uniformity, ccun when your aesament prior to purchasing it, you should review the home inspection repon to see if the inspector was able to idencify the issuc. Of course, the most cricical part of any tax aswessment. The cunty for which your real property is located in has determined a value for your land and the structures may be correct from a value standpoint, hut said aweument in not thereon, which is called the asement. Your taes are commputed bay multiphing the tax rates or your county, borough and school diseriet and yoor asewment. There are havically two ways bo challengr your prnoperty's asseument: value and non-utiormity. A value challenge occurs when your property's fsir market value uniform to other asements of comparable properties in the arra. In ocher words, this type challienge woukd be utiliard when your aviessment is hngher than the assements of comparalle peopenies in your neighborhood. Please call our office to discus your specific property if you are interested in an asesament appeal. the problem and hid it from you. Desermining whether the seller had knowledge may be difficult. If you find younself in this situation, please call our office. mid this pandemic, residential real estate Lis in high des Northeastern Pennsylvania, primarily due to a combination of factors such as buyers taking advantage of unbelievable interest rates, a shortage of A demand in homes on the market and an influx of city dwellers moving to the area. If you were fortunate enough to recently find and purchase a home, here are a couple things to consider. Kevin M. Smith, Esquire 570.319.5018 THE LAW OFFICES OF Fax 570.319.5128 KEVIN M. SMITH, .C. kesmitha ksmithlawoffice.com www.ksmithlawoffice.com 409 N. State Street REAL ESTATE & CORPORATE LAW Clarks Summit, PA 18411 Seller Disclosure Issue? Have you recenly mved in to your home and discovered a physical problem with the property unaware propeny or involves an uneeasonable risk to people on to you prior to purchasing the home? This begs the question: Did this proldem occur for the first time afier stanement to confirm the issue was not disclosed. Abso, purchasing the property (which unfortunately in just had if you had a home inspection performed on the home lack for you) or did this problem exist and was within the knosaledge of the former owner. In Pennsyania, a seller of a home is required to disclose all material defects knoen to seller in a property dinsclosure statement nondisclosure case is proving the seler had knowledge of and shall peowide said statement to the buyer before an agreement of sale for the home is signed. The or defines a material defect as a problem that woukd have a significant advene impact on dhe value of the Paying Higher Real Estate Taxes Than You Should? the property. As sach, you should locate your diclosure Have you disconered that your neighlor with the newer and larger home is paying far kwer real estate tases than you? The amount of the taxes you pay is dependent upon your property' is lew than the aseament, or simply put, your asesment is incorrect. For example, this challenge wuka be utilized if you havr an appraisal that values the property les than the asseoment. The other challenge, non-uniformity, ccun when your aesament prior to purchasing it, you should review the home inspection repon to see if the inspector was able to idencify the issuc. Of course, the most cricical part of any tax aswessment. The cunty for which your real property is located in has determined a value for your land and the structures may be correct from a value standpoint, hut said aweument in not thereon, which is called the asement. Your taes are commputed bay multiphing the tax rates or your county, borough and school diseriet and yoor asewment. There are havically two ways bo challengr your prnoperty's asseument: value and non-utiormity. A value challenge occurs when your property's fsir market value uniform to other asements of comparable properties in the arra. In ocher words, this type challienge woukd be utiliard when your aviessment is hngher than the assements of comparalle peopenies in your neighborhood. Please call our office to discus your specific property if you are interested in an asesament appeal. the problem and hid it from you. Desermining whether the seller had knowledge may be difficult. If you find younself in this situation, please call our office.