D espite increasing interest rates, residential real estate remains in high demand. If you were fortunate enough to recently find and purchase a home, here are a couple things to consider. Seller Disclosure Issue? Have you recently moved in to your home and discovered a physical problem with the property unaware to you prior to purchasing the home? This begs the question: Did this problem occur for the first time after purchasing the property which unfortunately is just bad lack for you) or did this problem exist and was within the knowledge of the former owner. In Pennsylvania, a seller of a home is required to disclose all material defects known to seller in a property disclosure statement and shall provide said statement to the buyer before an agreement of sale for the home is signed. The e defines a material defect as a problem that would Kevin M. Smith, Esquire 570.319.5018 Fax 570.319.5128 ksmith@ksmithlawoffice.com www.ksmithlawoffice.com 409 N. State Street Clarks Summit, PA 18411 have a significant adverse impact on the value of the property or involves an unreasonable risk to people on the property. As such, you should locate your disclosure statement to confirm the issue was not disclosed. Also, if you had a home inspection performed on the home prior to purchasing it, you should review the home inspection report to see if the inspector was able to identify the issue. Of course, the most critical part of any nondisclosure case is proving the seller had knowledge of the problem and hid it from you. Determining whether the seller had knowledge may be difficult. If you find yourself in this situation, please call our office. THE LAW OFFICES OF KEVIN M. SMITH, P.C. REAL ESTATE & CORPORATE LAW Paying Higher Real Estate Taxes Than You Should? Have you discovered that your neighbor with the newer and larger home is paying for lower real estate taxes than you? The amount of the taxes you pay is dependent upon your property's tax assessment. The county for which your real property is located in has determined a value for your land and the structures thereon, which is called the assessment. Your taxes are computed by multiplying the tax rates for your county, borough and school district and your assessment. There are basically two ways to challenge your property's assessment: value and non-uniformity A value challenge occurs when your property's fair market value is less than the assessment, or simply put, your assessment is incorrect. For example, this challenge would be utilized if you have an appraisal that values the property less than the assessment. The other challenge, non-uniformity, occurs when your assessment may be correct from a value standpoint, but said assessment is not uniform to other assessments of comparable properties in the area. In other words, this type challenge would be utilized when your assessment is higher than the assessments of comparable properties in your neighborhood. Please call our office to discuss your specific property if you are interested in an assessment appeal. D espite increasing interest rates , residential real estate remains in high demand . If you were fortunate enough to recently find and purchase a home , here are a couple things to consider . Seller Disclosure Issue ? Have you recently moved in to your home and discovered a physical problem with the property unaware to you prior to purchasing the home ? This begs the question : Did this problem occur for the first time after purchasing the property which unfortunately is just bad lack for you ) or did this problem exist and was within the knowledge of the former owner . In Pennsylvania , a seller of a home is required to disclose all material defects known to seller in a property disclosure statement and shall provide said statement to the buyer before an agreement of sale for the home is signed . The e defines a material defect as a problem that would Kevin M. Smith , Esquire 570.319.5018 Fax 570.319.5128 ksmith@ksmithlawoffice.com www.ksmithlawoffice.com 409 N. State Street Clarks Summit , PA 18411 have a significant adverse impact on the value of the property or involves an unreasonable risk to people on the property . As such , you should locate your disclosure statement to confirm the issue was not disclosed . Also , if you had a home inspection performed on the home prior to purchasing it , you should review the home inspection report to see if the inspector was able to identify the issue . Of course , the most critical part of any nondisclosure case is proving the seller had knowledge of the problem and hid it from you . Determining whether the seller had knowledge may be difficult . If you find yourself in this situation , please call our office . THE LAW OFFICES OF KEVIN M. SMITH , P.C. REAL ESTATE & CORPORATE LAW Paying Higher Real Estate Taxes Than You Should ? Have you discovered that your neighbor with the newer and larger home is paying for lower real estate taxes than you ? The amount of the taxes you pay is dependent upon your property's tax assessment . The county for which your real property is located in has determined a value for your land and the structures thereon , which is called the assessment . Your taxes are computed by multiplying the tax rates for your county , borough and school district and your assessment . There are basically two ways to challenge your property's assessment : value and non - uniformity A value challenge occurs when your property's fair market value is less than the assessment , or simply put , your assessment is incorrect . For example , this challenge would be utilized if you have an appraisal that values the property less than the assessment . The other challenge , non - uniformity , occurs when your assessment may be correct from a value standpoint , but said assessment is not uniform to other assessments of comparable properties in the area . In other words , this type challenge would be utilized when your assessment is higher than the assessments of comparable properties in your neighborhood . Please call our office to discuss your specific property if you are interested in an assessment appeal .