Reasons Why You Have To Take Real Estate Disclosure Seriously

Sign the seller disclosure statement in a real estate transactioWhen you decide to put your home or any property up for sale, you have moral and legal obligations to either make whatever repairs might be necessary based on your knowledge of the property, or to, at minimum, disclose this knowledge.  For example, if you know the roof has to be replaced, you must disclose this information rather than showing the house on dry days and hoping the buyer doesn’t come after you post-sale.

 

The Law and You

Real Estate Disclosure is more than just a moral obligation – it is required at both State and Federal levels by law.  As such, property buyers will be entitled to file a lawsuit against you if they discover you did not disclose information about the property as required by law.  The specific Real Estate Disclosure required in each locality varies; it’s up to you and your real estate agent to be informed as to what’s required.  While some Real Estate Disclosures – like lead paint, mold and foundation issues – are very common, others can be quite unusual.  One city in California, for example, requires you to disclose if there are any “unusual odors” in the area.

 

Real Estate Disclosure Best Practices

Regardless of what’s required, it’s always in the best interests of everyone to be honest and up front.  Erring on the side of more disclosure is always the best strategy – you may not think the information matters, but formally disclosing it protects you from negative repercussions.

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