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What are you legally required to disclose when selling your home?

On Behalf of | Apr 16, 2020 | Firm News |

As someone planning to place your home on the market, you may be taking steps to enhance its curb appeal. You may, too, be looking for ways you might be able to increase its value in an effort to make as much of a profit on your sale as possible.

While you navigate the process of selling your home, you may have questions about exactly what information you have to disclose to a potential buyer. According to Forbes, there are certain things about your home the law requires that you tell a potential buyer, and if you fail to do so, you may find yourself in serious legal trouble. Just what types of things do you legally have to tell someone looking to purchase your home?

The existence of lead paint

While lead paint is not something you have to worry about in modern homes, if your home underwent construction prior to 1978, you and your buyer need to sign lead paint disclosure forms. This is a federal ruling that applies to home sellers and buyers in all 50 states.

The existence of property drainage issues

If your property does not drain properly, you may be leaving a new buyer with flood issues. If your home has drainage issues and you fail to disclose this to a potential buyer, that buyer is going to have a strong argument if your case lands in court.

While these are two things you must disclose to a potential buyer when selling your home, please note that there are other defects and issues, too, that the law requires you to disclose during the transaction.