What home issues do sellers have to disclose?
When you buy a home, you get a chance to walk through it. You can also hire an inspector and an appraiser. Even with all of this, though, the sellers are obligated to tell you about some issues with the home so that you know what you’re really buying. You shouldn’t assume that you just have to find everything on your own.
What may they need to tell you about? A few examples include:
- Whether or not the home is part of an HOA or some other controlling body that will make rules that the new homeowners have to follow.
- If there is significant water damage in the home. Sellers cannot just cover up known damage and hope that you don’t find it — painting the walls, for instance, while still allowing the interior studs to rot due to that water exposure.
- What kinds of repairs have been made over the years. Ideally, homeowners will have complete home repair records so that they can show the new buyers what they’ve had to fix and what issues may come up again.
Other significant sources of damage, such as old fire damage or storm damage. As with the water damage noted above, sellers cannot hide issues that they know about. Intentionally doing so could be viewed as fraud.
Buying a house is a big investment. You don’t want to take any risks by working with sellers who may not be telling you everything before you put your money down. That’s why it’s helpful to protect that investment by working with an experienced legal team.