All about Seller's Disclosures
Disclosure is key to the house selling process. While the form may seem overly long and confusing, filling it outright is important. Failure to disclose some problems or entering false information can leave you open to a lawsuit, even after closing. Federal, state and local You must obey federal, state and local laws for disclosures. There aren’t many federal requirements, but one very significant one is lead paint disclosure. If your home was built before 1978, you must disclose any known lead paint in the house and provide potential buyers with an EPA pamphlet. As for state and local laws, these vary across the country. Common disclosure requirements include: Pest infestations Water infiltration Mold Smoke damage Structural problems Environmental hazards Death in the home Put it in writing Disclosures must be in writing for potential buyers. Verbal disclosures, no matter how thorough, don’t count. Patent vs. Latent When filling out a disclosure form, you may see the terms paten
