What disclosures should homebuyers watch for?

On Behalf of | Jan 9, 2024 | Residential Real Estate

Transparency is vital to a smooth transaction and legal compliance when selling a home. Sellers are typically required to disclose specific information about the property to potential buyers. 

Disclosures ensure that buyers are fully aware of the property’s condition and history, which can significantly impact their decision to purchase.

Disclosures about the property’s condition

Sellers must disclose any known defects in the property. This includes structural issues, such as problems with the foundation or roof, and systems, such as plumbing, electrical and heating. Even if the seller has never experienced problems, known issues that could affect the property’s integrity must be shared.

Environmental hazards and zoning information

Sellers need to disclose any environmental hazards associated with the property. This could include the presence of asbestos, lead paint or radon gas. Additionally, information about the zoning regulations or any restrictions on property use should be communicated to the buyer.

History of repairs and renovations

A detailed history of any significant repairs or renovations should be provided. This information gives buyers an understanding of the property’s upkeep and any significant changes that have been made. Disclosures should include the dates of these repairs and, if available, the contractors used.

Legal issues and compliance

Sellers are also required to disclose any legal issues related to the property. This includes any liens, easements or encroachments that may affect the new owner’s rights. Information on whether the property complies with local building codes and regulations should also be shared.

Providing comprehensive and honest disclosures aids in building trust with potential buyers and protects the seller from future legal disputes. Homebuyers should scrutinize these disclosures to ensure they’re comfortable making an offer on the home. Having someone to review these documents for them might be beneficial.