|
 |
|
| Seller’s
Disclosure |
The seller is bound by law
to disclose certain information about the house. Most
but not all states require disclosure. The seller is required
to disclose any latent material defects. This essentially
means that the seller must disclose whether the property
has any hidden defects or problems that could adversely
affect the value of the property. The most recent federal
rule passed regarding disclosure relates to the requirement
by the seller to disclose the presence of lead based paint
in home built before 1978.
A seller's disclosure form may be required to be completed
depending on the state or area you live in. If it is not
required by law, you can ask the seller to complete it
anyway. Basically, the form asks the seller to disclose
any problems with the roof, pests, structure, basement,
attic, heating, cooling and toxic substance. Examples
of toxic substances are lead-based paint, asbestos and
radon. To find out more information on the specific requirements
in your area, talk to your attorney.
A seller's disclosure is not a home warranty. A warranty
is a guarantee that a product will function for a specified
period of time. Some new homes come with a warranty and
all homes come with an implied warranty. A warranty on
a property should include what is covered and for what
length of time. A warranty should also include what is
not covered, any limitations on damages and how to file
a claim. When filling out a seller's disclosure form,
the seller needs to be specific and precise. For example,
if the home has lead base paint in some rooms, the rooms
should be listed and if the basement floods, details on
the frequency and the level of flooding should be provided.
|
|
|
|
|
