When people buy a new home they have a right to be informed of the problems that they may face on the property and any issues that the home previously experienced.
However, as a seller it can be difficult to know whether the required information is being disclosed. Nobody wants to appear misleading, especially when it can impact a sale, and making sure all the proper information is finding its way to the buyer is imperative to make the deal go through.
What Needs To Be Disclosed?
Disclosures are not handled at the Federal level except for the Lead-Based Paint Hazard Reduction Act, which requires all sellers to have their home inspected for lead paint if it was constructed before 1978.
Other possible disclosures include any legal issues with the property title, mold and water leaks, problems with the plumbing or sewage on the property, and issues with the roofing, air conditioning and heating systems.
Disclosure Laws Differ From State To State
While it is best to err on the side of caution when dealing with home seller disclosures, every state’s laws are different and some are more stringent than others. A seller may believe they are disclosing everything that is required and still find themselves on the wrong side of a lawsuit.
When deciding what