Selling my Home Should I Disclose Material Facts to the Buyer?
Friday, 21st April, 2023
When you’re selling your home, it’s important to disclose any material facts to the buyer. Material facts are any details about the property that could affect the buyer’s decision to purchase the property or the value of the property itself. Failure to disclose material facts could result in legal and financial consequences for the seller.
Some examples of material facts that should be disclosed to the buyer include:
Structural Issues
If there are any issues with the foundation, roof, or walls of the property, these should be disclosed. Even if the issues have been repaired, it’s still important to inform the buyer.
Water Damage
If there has been any water damage to the property, whether from flooding, leaks, or other causes, this should be disclosed. Water damage can lead to mold and other issues that can affect the health of the occupants.
Pest Infestations
If there are any pests in the property, such as termites, rodents, or bed bugs, this should be disclosed. Pest infestations can be difficult and expensive to eradicate and can cause damage to the property.
Environmental Hazards
If there are any environmental hazards in the area, such as lead paint, asbestos, or radon, this should be disclosed. These hazards can be harmful to the health of the occupants and can affect the value of the property.
Neighborhood Issues
Like noisy neighbors, air traffic noise, or close to a train depot or railroad crossing Buyers may be less likely to purchase a property in a problematic neighborhood due to other issues.
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