Real Estate Disclosure Laws
These laws legally force the seller of a home to disclose to the possible buyer any serious defects of the character. The laws were produced to help protect the buyer from any defects that were not noticed until they closed on the house and become the owners. Many times it is hard to enforce real estate disclose laws because what is considered serious defects may be open to interpretation. Because of this, the laws are regularly changing resulting in many states not having effective disclosure laws. If the state does not have mandatory real estate disclosure laws, they will usually have a voluntary disclosure.
These laws can cover many different subjects so you should consult with a qualified lawyer or real estate agent to find out the specifics of what they cover. In regards to real estate disclosure there are both state and federal laws regarding these laws. Some brokerages have additional regulations for listings they accept. In the United States, Federal law requires disclosure in regards to using rule paint in homes constructed before 1978. The disclosure laws generally cover toxic or hazardous materials and the presence of asbestos and radon gas.
These laws are designed to help protect a possible buyer from buying a home that has known defects or issues. For example, if the home you are considering buying has suffered from earthquake or flood damage these laws will typically require the seller to provide you with this information. In addition to real estate disclosure law protection the buyer should also have a home inspection done by a specialized. This inspection can possibly find other possible issues. Sometimes, the lender will require that a home inspection be done before they approve the loan.
In some states, there are long questionnaires that the character owner has to fill out before they can sell the character. This questionnaire does ask about any possible issues or defects with the character. These questionnaires typically cover everything from issues with the land to the wiring and plumbing inside the home. Some of the things that the seller has to disclose include, but not limited to, are:
• Water damage caused by a leaking roof
• Presence of wetlands on a part of the character
• Recent deaths on the premises
Generally, these laws only require that the sell show issues that they are aware of. This method that they cannot be held responsible for any problems they were unaware of before putting their home on the market but not every state provides this protection. There have been some situations that the seller can be sued by the buyer after they buyer becomes the homeowner. This is why you need to have expert advice about real estate disclosure laws in your state.