You’re Selling Real Estate: Do You Have a Duty To Disclose?

As a seller of real estate, you generally have a duty to disclose any material facts about the property to potential buyers. Material facts are those that could significantly impact the value of the property or a buyer’s decision to purchase it. This may include issues such as defects in the property, such as a leaky roof or foundation problems, or any other conditions that could affect the safety, habitability, or value of the property.

In most jurisdictions, sellers are required to disclose any material defects of which they are aware, whether or not they have been specifically asked about them. This means that if you are aware of any issues with the property, you should disclose them to potential buyers. Failure to disclose material defects could result in legal liability for the seller.

It’s a good idea to consult with a real estate lawyer or other qualified professional to understand your legal obligations as a seller and to ensure that you are complying with all applicable laws and regulations. They can also help you prepare any necessary disclosures and ensure that you are protected from liability.

It’s important to keep in mind that the specific laws and regulations that apply to your situation will depend on the jurisdiction in which you are selling the property. It’s a good idea to seek advice from a qualified professional to ensure that you are complying with all applicable laws and obligations.

Leave a Reply

Your email address will not be published. Required fields are marked *