Featured News 2015 When Selling a Home, You Need to Consider These Disclosures

When Selling a Home, You Need to Consider These Disclosures

Whether you make a living flipping homes, or are a regular homeowner who is selling your property, there is certain information that you're required to disclose. If you intentionally conceal information about a condition that could negatively affect its value, or the buyer's decision, you could be sued or worse, charged with fraud.

If you are selling, you're going to want to learn your state's specific laws about required disclosures. You can get this information from your state real estate and local planning department.

What are some common required disclosures?

Here are the types of information that you may be required to disclose, or may want to disclose, even if you are not required to by law. Think of it as added protection so your buyer won't be tempted to file a lawsuit against you.

  • Water damage
  • Deaths due to a property defect, a violent crime, or a suicide
  • A noise or odor that may irritate the new owners
  • Environmental hazards or toxic waste
  • Natural hazards (e.g. floods, earth quakes etc.)
  • If the structure contains asbestos
  • If there is lead plumbing
  • If a hazardous substance has spilled on the property
  • Sliding or earth-stability defects
  • If there is a homeowner's association (HOA)
  • What you have repaired and why
  • Home is missing an essential component (kitchen appliance, water heater, central heating and air etc.)
  • The house is located in a historic district
  • Active termites and other wood-destroying insects

The Bottom Line

The bottom line: Even if your state doesn't require that a specific piece of information such as a homicide is disclosed, if you have that type of information about a house that could make a buyer unhappy, you may want to consider disclosing it.

Aside from the moral reasons for being honest, full disclosure can help you avoid a lawsuit. If you have any questions about what you should disclose, use our directory to find a real estate lawyer near you!

Related News:

Homeowners Sue Banks Over Flood Insurance Program

Homeowners in New York recently rose up against Citibank and MidFirst Bank in order to argue against the high-premium flood insurance policies they were being forced to pay. According to one source, ...
Read More »

The Basics of Buying a Home

Buying a home can be an exciting phase of life, and whether you are a seasoned purchaser, or this is your first time, here are a few basics to consider before signing the dotted line. In the event you ...
Read More »

Timeshare Law and Reselling Scams: What You Need to Know

When you purchase a timeshare, you are essentially buying an interest in a vacation property that you will share with others who also purchase timeshares. The companies that sell these timeshares are ...
Read More »