When someone is selling a property, they have an obligation to disclose certain pieces of information. They need to disclose problems with the property, for example, as well as other factors that could influence the value of the property.
Failing to disclose all the details of a property means that the buyer will not have all the information they need to make a decision about making a purchase. Sellers can get into trouble with the law if they fail to disclose issues they know about before the contract is signed.
Common issues sellers tend not to disclose
There are a few common problems that sellers will forget to disclose or fail to disclose purposefully. As a buyer, it’s a good idea to go over this list and to have an inspection of the property to look for problems that may not have been discussed.
Some common problems with properties include:
- Electrical system problems
- Roof leaks
- Building code violations
- Septic tank leaks
- Plumbing problems
- Water damage
- Additions or renovations done without a permit
- The use of non-tempered glass doors in showers or sliding doors
Other issues to disclose may include bankruptcy issues, property liens and other essential property information.
These problems can all lead to issues that negatively impact the value of a property. Since that’s the case, they should be disclosed when the seller knows about them.
Buyers can protect themselves
Buyers have an opportunity to protect themselves by making sure they always do their due diligence. It makes sense to have an inspection of a property before agreeing to purchase it. It’s also wise to ask questions about essential details, like if a death has occurred on the property or if there are any ongoing property line disputes.
Problems with a property?
If you are lied to or find out that there is an issue with the property in the future, then you may be in a position to pursue a claim against the seller. You may be able to seek damages to help you recover any losses that occurred due to the seller not making appropriate disclosures.