Selling a piece of property requires the seller to be very honest and upfront about many important issues regarding the property they are offering. What exactly are the things that sellers should disclose and not attempt to hide from potential buyers?
Let’s talk about this.
Disclosures
Sure, it may be tempting to hide certain information that might put the property in a bad light, but deliberately withholding information could very well lead to lawsuits, especially when state laws demand full disclosure. Sellers must always stay on the side of caution. While disclosure laws vary from state to state, it’s a good rule of thumb to just tell potential buyers all pertinent details regarding the property. These details include home-related issues but are not limited to it. These may also include details and information regarding the neighborhood and other things.
Here are a few things property sellers should disclose to buyers.
Potential Hazards
Hazards that may affect the property and its residents must always disclosed … always. Some states require home sellers to disclose natural hazards. If the property is situated in a flood plain, an earthquake zone, or perhaps an area that’s susceptible to wildfires, state laws will require sellers to disclose this info to buyers.
Off-site hazards that affect the market value and safety of the property should also be disclosed. For example, buyers must know if there’s a nearby factory or business that releases harmful chemicals or toxic waste, as these will affect their health and quality of life should they live in it. Sellers should also inform buyers of any toxic materials that are in the home. These include asbestos, radon, urea, formaldehyde, and molds.
Lead Paint Usage
Federal law requires sellers to inform buyers about any lead-based paint used on the property, if the house was built before 1978. All states require sellers to inform buyers about this. Sellers must disclose information about the use of lead-based paint in the home, regardless if the paint has already been removed or not.
However, should a seller not be aware of any lead-based paint issue in the home, they are not required to investigate about it. Sellers must also give buyers ample time (most often ten days) to test the house for lead. Should sellers fail to disclose pertinent information regarding the use of lead paint in the home, buyers can sue them.
Paranormal issues
Although laws vary from state to state regarding this matter, sellers will also do well to inform buyers of any issues such as haunting and paranormal activity. While not all buyers believe in or are affected by such disclosures, some buyers will be, and for them it will be important to know if the house they are looking to buy will give them the creeps.
Deaths, murders, and other violent acts done on the property
Depending on laws where the property is located, a seller may or may not be required to disclose information regarding deaths and murders that occurred in the home. In some places, deaths may not need to be disclosed if they happened three years prior to the property being put up for sale. But, if it happens that a buyer asks, the seller should not withhold the information.
Issues with neighbors
While the buyer is primarily concerned with the house being considered, they will need to be given a heads-up regarding the neighborhood. If the people living next door like to turn the volume on their home theater speaker system to screaming levels at night, for example, potential buyers should be made aware of it so they can prepare for it. Disputes with neighbors over property lines should also be disclosed.
Pest infestation
Buyers must be informed of any pest infestation on the property. Sellers who put their condos up for sale, for example, must inform buyers if the residents next door, above or below have pest infestations. These pests include bedbugs, rats, bats, and termites.
Published on 2018-03-08 18:31:38
