During a real estate transaction, there are certain disclosures sellers are required to provide. There can be important consequences for the failure to make required disclosures it is useful to be aware of, as it is helpful to be familiar with what types of disclosures are required in residential real estate and other real estate transactions.
A lack of disclosure can result in legal and financial consequences which is why sellers should make sure to know what they need to disclose and to ensure they comply with the requirements in their state. One item it is always important to disclose is lead paint. Any structure built before 1978 that is sold requires a lead paint disclosure. In addition, it is important to disclose any pest infestation of the property.
In addition, it is important to disclose what are referred to as emotional defects with the property such as if a death has occurred at the property, specifically a suicide, a murder or a violent crime. In some states, a death that occurred at the property within a certain time period must also be disclosed in certain circumstances. In addition, it is important to disclose any paranormal activity suspected on the property. Lastly, any boundary disputes or disputes with neighbors need to be disclosed to the buyer.
Because a failure to disclose can result in more problems and financial headaches down the road, it is always advisable to know what the required disclosures are and to be sure to make them. As always, knowing how the real estate process works can help achieve a better outcome and more successful transaction for everyone involved.