Guam’s Seller Disclosure Law
by Lei Bao
A home buyer should have the right to know if there are any major defects to the property they’re buying. Unlike most states, Guam does not have a seller disclosure law, and a public hearing was held in Feb 2021 on a bill by Sen. Sabina Perez to require the practice.
Real estate commission Chairman Chris Murphy is in full support of the measure, which he says will provide long-overdue consumer protections, and level the playing field for homebuyers.
“Purchasing a home is probably the largest investment a person will make during his or her lifetime,” he said. “And if you’re like many of us, you may not be a real estate expert with the ability to ensure you’re getting the best possible deal. In fact unlike the majority of jurisdictions in the united states, Guam real estate transactions are based on the concept of caveat emptor, or let the buyer beware.”
The course will help you understand the reasons behind the seller disclosures, when the disclosures must be made, and when they might be exempted. Take this course to help better serve your buyers and sellers along with protecting yourself from personal liability.
NICE Friday 9am
9:00 am – 12:00 pm
N.I.C.E. School 341 S Marine Drive, Suite 203 Tamuning, GU 96913
(671) 687–2012 email@example.com