There are different laws in every state regarding the mandatory disclosures when selling real estate property. Prior to selling your property, it is important to know what you are required to disclose. An experienced real estate attorney will be familiar with these laws and can advise you on what is necessary to disclose to potential buyers.
Major Defects
Most major defects should be disclosed to the buyer. Problems that are expensive to repair or might make the home dangerous or unlivable are especially important to disclose. Other problems that might have to be disclosed include roof leaks or foundation problems.
Haunted Homes
Some states require the seller to disclose if a home has had paranormal activity or is said to be haunted. This may affect some buyer’s decision, but may have no impact on others’, especially if they don’t believe in ghosts.
Murder and Death
In some states, the seller is required to disclose if any murders or deaths have occurred on the premises. Knowing that deaths have occurred in the home may make some buyers hesitant to purchase the home.
Lead-Based Paint
Federal law requires sellers to disclose if the home has lead-based paint. They are required to allow the buyer to test for lead. It is also necessary to disclose other known toxic materials in the home. These materials include radon, asbestos, mold, and anything that may be dangerous to people residing in the home.
It is usually better to err on the side of caution when it comes to mandatory disclosures. Though you may be worried that you will receive less money if you announce these problems, it is important to include any significant issues in a disclosure. Most states require these disclosures to be written, to prove that you have informed the buyer of any existing problems. To learn more about mandatory disclosures when selling your home, contact us at LeBaron & Jensen today!
