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Buying a home: what must the seller disclose?

By Johns, Flaherty & Collins on Friday, March 9th 2018

what must homeseller disclose

When you sell your home, you are required to complete and provide to potential purchasers a real estate condition report that lists current and corrected defects, including structural damage, roof problems, water damage, mold, floodplain issues, septic system and plumbing and electrical deficiencies. You must also provide a description of how any defects were corrected.

If the house has a historical designation limiting how the home could be modified, the buyer has the right to know about it. Zoning issues also should be noted in the real estate condition report.

Once the seller discloses that information, the buyer may accept the house “as is” or negotiate measures for the seller to correct the defects. You may argue for the seller paying for repairs or reducing the purchase price to allow the buyer to pay for repairs.

If defects are known to a seller and not disclosed on the real estate condition report, the seller could be sued and held liable for the costs of repairs, plus the costs and expenses of litigation.

Most people selling a home disclose as much as they know, and buyers shouldn’t ignore these reports. They need to follow up with the seller.

By La Crosse Law Firm Johns, Flaherty & Collins, SC.

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