Real estate disclosure laws

These laws legally obligate the seller of a home to disclose any serious defects in the property to a potential buyer. The laws were created to protect the buyer from defects that are not noticed until the home is purchased and taken over by the buyer. It is often difficult to enforce real estate disclosure laws because the definition of serious defects can vary widely. For this reason, laws are constantly changing, resulting in many states lacking effective disclosure laws. If a state does not have mandatory real estate disclosure laws, voluntary disclosures are usually required.

These laws can cover many different topics, so you should consult with a qualified attorney or real estate agent to find out exactly what they cover. Regarding real estate disclosures, there are both state and federal laws. Some brokerage firms have additional rules for the offers they accept. In the U.S., federal law requires disclosure of lead paint in homes built before 1978. Disclosure laws usually deal with toxic or hazardous materials and the presence of asbestos and radon gas.

These laws are designed to protect potential buyers from purchasing homes with known defects or problems. If the home you want to buy has been damaged by an earthquake or flood, for example, the seller is usually required to give you this information. In addition to the protections afforded by the Real Property Disclosure Act, the buyer must also have a professional inspection of the home. This inspection can reveal other potential problems. Sometimes a lender requires a home inspection before a loan is approved.

In some states, the owner must fill out a long questionnaire before selling the property. These questionnaires ask about possible problems or defects with the property. These questionnaires usually cover everything from property problems to wiring and plumbing in the home. The seller is required to report the following:

– Water damage caused by a leaking roof.
– Presence of wetlands on part of the property
– Recent deaths on the property

Generally, these laws require the seller to disclose only those problems of which he or she is aware. This means that the seller cannot be held liable for problems that he did not know about before he put his home up for sale, but not every state offers this protection. In some cases, the seller may be sued by the buyer after the buyer owns the home. For this reason, you should consult with an expert about real estate disclosure laws in your state.

This article was written by Laura Davis for Mike Shimkonis Telluride. Mike Shimkonis helps people buy and sell real estate in Telluride. If you want to trust someone to find real estate offers in Telluride for you, Mike is the best person to deal with.

 


Posted

in

by

Tags:

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *