Tip of the Month: Negligent Non-Disclosure in Real Estate Contracts
As a home seller, it is crucial that you take the Seller’s Property Disclosure Statement very seriously. Do not overlook this step, or it may land you in expensive litigation long after you have moved out. It is your responsibility to disclose both the current and past condition of the house. That means that if there were plumbing issues in the past that caused a leak in your living room, even if you fixed the pipes and replaced the carpet, you must let the potential buyers know about it.
As a homebuyer, don’t hesitate to ask a lot of questions. Find out what repairs have been made to the home, which repairs have been fixed, and what items may still have unsolved problems. Many buyers tend to overlook problems that have already been repaired, but be cautious! Just because a seller says they have fixed a problem doesn’t mean that it is fully repaired. A proactive buyer will investigate those repairs, so they have a full understanding of the value of the house and the amount of any anticipated repairs when they move in.
If questions arise during the sales process, if you suspect something isn’t quite right, or if a dispute has arisen after the house has sold, call our real estate attorneys to discuss your rights and remedies under the law.