Real Estate Disclosure Requirements

As a buyer, you should know everything about your house. In the past, there was much information which was not disclosed to potential buyers much to the dismay and detriment of the buyers. After all, you wouldn’t like to find out that your house has a leakage problem after paying so much for it, right? Thus, there is now actually a law which states that sellers have the responsibility to inform buyers of potential hazards or problems in the house that they are trying to sell. This disclosure requirement safeguards buyers from purchasing a property which is not properly represented. It also ensures that sellers are honest about their property instead of giving them the upper hand in the sale. The following are just a few disclosure requirements that sellers have to inform their buyers about.

Lead-Based Paint

In the olden days, paint was manufactured in many different ways. Unfortunately, wrongful chemicals were used which led to lead seeping into the paint. Lead is a highly dangerous chemical which you can’t detect by smell and which you can’t identify by sight. Instead, it has the potential to harm those exposed to it for long periods of time. Of course, houses built now would not have such a problem. However, sellers have a responsibility to undertake a lead detector test and inform potential buyers of the results.

Physical Defects

You are a seller who is desperate to offload your property to the next person. Whichever way you go about it, you still have a responsibility to your buyer to disclose any information of physical defects in your house. This could just be a problem like leakages or certain tiles coming loose on the roof. If these defects pose any danger or hazard to the new owners or if these defects actually lower the overall value of your property, you will need to disclose it to potential buyers. Failure to do so could lead to a lawsuit in the future.

Property History

It is not enough that you tell your buyers about the defects in your house. You would also need to inform them about past occurrences that happened in your house. Has there previously been a death or a murder in your house? What about any paranormal activity? Do not be too quick to dismiss this as hokum which no buyer in his sane mind would want to know about. It is still an important fact to tell potential buyers.

Hazards and Nuisances

In certain states, sellers are liable to inform any buyers about special occurrences in the neighbourhood. Is the neighbourhood where your home is situated in always prone to break-ins and other acts of crime and violence? What about natural disasters? These are things that are imperative to be told to the buyer. Even simple things like loud noises and air pollution are attributed as nuisances.

Yes, there are many disclosure requirements if you are a seller. However, put yourself in your buyer’s shoes. You would definitely want to find out if there is anything wrong in the house, won’t you?