Foreclosure Disclosure

When making any purchase in Alabama a buyer needs to be aware that Alabama is a "caveat emptor" state. "Caveat emptor" means "buyer beware." Thus, the burden is on the buyer to satisfy self as to the condition of the property and the desirability to purchase it and live in it. The condition of the property applies not only to the land and improvements within the boundaries, but also to any external conditions that might be material to the purchaser's enjoment of the property. Exceptions are (1) new homes sales, (2) health and safety issues that the seller is aware of, (3) direct inquiry about anything the seller is aware of, (4) assumptions of duty/special relationships.

The exceptions rarely apply to foreclosure properties (also known as REO Properties) because the seller of foreclosure properties rarely has any direct knowledge about the property. It is always extremely important that someone who is considering a purchase of a property in Alabama inspect the property. Below are informative papers concerning purchasing property in Alabama, and one on conditions that often apply to foreclosure properties.