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!
