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Lack of disclosure and residential real estate

On Behalf of | Oct 4, 2017 | Residential Real Estate |

If you are thinking about buying or selling a home, there are many factors to consider. If it is your first time buying or first time selling a home, there are often questions on both sides. While buyers and sellers ultimately would like to come together and make a deal, there are many aspects to that deal that should not be overlooked. One topic buyers and sellers often wonder about is “disclosure.”

Disclosure refers to what a seller is required to share with the buyer during the sale of residential property. Disclosure laws are based on Florida state law and have to do with any information that should be disclosed from seller to buyer during the sale of residential property. In general, you have an obligation to disclose potential problems to a prospective buyer that could affect the value of the property for sale. In addition, it is considered illegal in most states to deliberately conceal major defects in a property that is for sale.

Oftentimes, buyer or seller may be interested in hiring an inspector to assess the property. Keep in mind that this could turn over information that buyers would want to know, but also a seller could be notified of an issue with the property that hadn’t yet come to their attention. However, an issue discovered by either the buyer’s inspector or the seller’s inspector is one that could help both parties make an educated decision pertaining to the selling price of that property. Beyond state law, there could be federal law that could affect the sale of a property.

For those considering buying or selling a property, there could be things one may want to know about this real estate transaction. As there is often a great deal of money for both sides involved, it is important to understand what they are buying or your responsibilities as a seller. Failure to do so could cost a party on either side of a real estate transaction unnecessary expenses. Mitigating risk is a part of the equation too.

Source: realestate.findlaw.com, “Required Real Estate Disclosures When Selling Property,” Accessed October 2, 2017