These laws legally require the seller of a home to disclose to the potential buyer any serious defects in the property. The laws were created to help protect the buyer from any defects that were not noticed until they closed on the home and became the owner. Real estate disclosure laws are often difficult to enforce because what are considered serious defects can be open to interpretation. Because of this, the laws are constantly changing, resulting in many states not having effective disclosure laws. If the state does not have mandatory real estate disclosure laws, they will usually have voluntary disclosure.
These laws can cover many different topics, so you should consult with a qualified attorney or real estate agent for the specifics of what they cover. With respect to real estate disclosure, there are state and federal laws regarding these laws. Some brokerage firms have additional regulations for the listings they accept. In the United States, federal law requires disclosure regarding the use of lead paint in homes built before 1978. Disclosure laws generally cover toxic or hazardous materials and the presence of asbestos and radon gas.
These laws are designed to help protect a potential buyer from buying a home that has known defects or problems. For example, if the home you are considering buying has been damaged by an earthquake or flood, these laws will generally require the seller to provide you with this information. In addition to the protection of the real estate disclosure law, the buyer must also have a home inspection performed by a professional. This inspection can possibly find other potential problems. Sometimes the lender will require a home inspection before approving the loan.
In some states, there are lengthy questionnaires that the owner must complete before the property can be sold. This questionnaire asks about possible problems or defects with the property. These questionnaires usually cover everything from problems with the grounds to the wiring and plumbing inside the house. Some of the things the seller has to disclose include, but are not limited to, the following:
• Water damage caused by roof leaks
• Presence of wetlands in a part of the property
• Recent deaths at the facility
Generally, these laws only require that the sale disclose problems of which you are aware. This means they can’t be held liable for problems they weren’t aware of before they put their home on the market, but not all states provide this protection. There have been some cases where the seller can be sued by the buyer after the buyer becomes the owner. That’s why you need expert advice on real estate disclosure laws in your state.
