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Disclosure Obligations in Real Estate Deals

When someone buys a home they want to be able to live in it without a problem. Even those who buy property to sell it on would like it to be as problem-free as possible so it’s easier to sell. There are many potential considerations with Wolf Creek real estate though. These are specific obligations that should be brought up during disclosure. Here’s a look at some of the disclosure obligations for real estate deals.

  1. Lead Paint

    Sellers in the Ogden Utah real estate market have to disclose if lead paint was used in their home. If the home was built before 1978 then both the seller and the buyer have to sign a disclosure on lead paint. This is a piece of federal law that applies to all states. Lead paint must still be disclosed even if it has been removed – buyers have to be made aware that it was used at all.

  2. Paranormal Activity

    Not everyone will think to disclose any kind of paranormal activity, but they should. You should tell the buyer ahead of time if you believe the ghost is haunted or you have done an exorcism. The laws vary from state to state, with some states – such as Arizona – calling for sellers to disclose “all known material facts”, which includes ghosts and the like.

  3. “Emotional Defects”

    Some areas call for sellers to disclose information about “emotional defects” of a property. This covers things such as crimes, murders, and suicides. Different areas can have different rules, but in most cases sellers are obligated to disclose any deaths on a property if asked about it by a seller.

  4. Pests

    Sellers are required ti disclose information about pest infestations on the property. In the event of apartments or other connected properties you may be required to disclose information about neighbors too. Their pests can easily become pests for the new owner to deal with. This is one of those cases where it’s better to be safe than sorry. Sellers don’t want buyers accusing them of trying to withhold information in a courtroom.

  5. Drainage Issues

    Drainage is always an important aspect to consider in Huntsville real estate. If your basement leaks then you need to disclose it. Even if you think that the problem has been solved it is better to disclose it. If something happens in the future you can be held liable for the damage. Let the seller know these issues exist and that you took steps to solve them. That way, they can’t claim you didn’t.

  6. Boundary Issues and Neighbor Disputes

    It might not mean much to you if your property encroaches on your neighbors, but it is something that could become a headache for buyers in the Eden Utah real estate market. It is vital to make it clear to buyers with regards to any potential boundary issues and disputes.

What to Do If an Undisclosed Issue Appears

If something goes wrong with a home you buy there’s no reason to stay there. Most jurisdictions allow for buyers to reclaim their earnest money deposit if an undisclosed issue occurs. It can become a legal battle though, which makes it important to be prepared.