Disclosing Issues When Selling Real Estate

In many states a seller is required to disclose know issues with their property. Homeowners will fill out a seller's disclose form which states all of the know problems with their property. For example, if the seller knows their home's basement takes on water each Spring, they would list that in the disclosure statement.

If the seller repaired a structural beam in the basement because there was termites at one time that would be disclosed as well. Sellers would need to put things down in writing that a buyer would want to know.

It's important to know though that it doesn't work this way in every state. Some states including Massachusetts, where I am from are a Caveat Emptor state or "let the buyer beware." What this means is a home seller is not required by law to disclose the problems with their property.

Just because an owner is not required to disclose issues doesn't mean they are off the hook for being honest. Using the flooding basement example, if a buyer asks if the basement gets water, the seller would need to answer honestly.

It is crucial to note that real estate agents are held to a much higher standard than homeowners. A real estate agent must disclose know issues regardless of whether they are asked or not. If an agent sees that the basement in a perspective clients home takes on water, it must be disclosed to potential buyers.

When there is non-disclosure, a home buyer could hire a real estate attorney and sue the agent for holding back essential information. Any information deemed to impact the value of a property should always be disclosed. Agents who do not open themselves up to lawsuits from buyers.

Whether you are a buyer or a seller, if you're unsure about the laws about disclosure in your particular state it would be worth it to speak to a local real estate attorney. A lawyer who specializes in real estate will be able to give you a complete rundown on what is necessary to comply with state laws.

There is only one thing that is required to be disclosed by sellers in all fifty states and that is the presence of lead paint. If there is known lead paint in a property it must be disclosed. Not complying with this law could cost be very costly.

A call like this could be important to save yourself significant amounts of money in litigation. As someone who has been selling real estate for thirty five years, i always tell my clients how valuable it can be to have a real estate attorney in your corner.

There are untold issues that they can help you avoid from start to finish in a real estate transaction. Take a look at the comprehensive resource from Maximum Real Estate Exposure explaining everything a lawyer for real estate does for you. It will be well worth educating yourself.

Whenever you are unsure about anything in a real estate contract a lawyer will be on standby notice to help. They are one of the most valuable members of your team when buying or selling a home.