Real estate disclosure laws protect buyers from purchasing homes with known problems. Federal and state laws require sellers to disclose material defects, lead paint use in homes built before 1978, and other hazards. Buyers can also order a home inspection. Sellers are only required to disclose issues they are aware of, but in some cases, they may be held liable for issues they were unaware of. It is important to consult an expert on disclosure laws to determine specifics.
A wide range of different topics can be covered by real estate disclosure laws, so it may be a good idea to consult a real estate agent or qualified attorney to determine the specifics. There are both federal and state laws regarding real estate disclosures in the United States, and some brokerage firms even have additional regulations for any listings they accept. Sellers are generally required to disclose any material defects of which they are aware, although in some areas they may even be held liable for issues they were unaware of. Federal law in the United States requires the disclosure of lead paint use in homes built before 1978, and there are also specific laws regarding radon gas and other hazards in some areas.
Real estate disclosure laws are designed to protect prospective buyers from purchasing homes that have known problems or defects. If a home has sustained flood or earthquake damage, real estate disclosure laws typically require the seller to provide that information to the buyer. In addition to the protection afforded by disclosure laws, buyers are often able to order a home inspection, which can also present potential problems. An inspection may also be ordered by a lender before approving a loan.
There are two general types of real estate disclosure laws, which are local and national. In the United States, the federal government enforces certain security-related disclosure laws. One example is a law requiring owners of homes built before 1978 to report the presence of any lead paint they are aware of. This is typically accomplished by a specific form that the landlord must fill out before selling his property. The presence of radon gas, asbestos, and other hazardous or toxic materials is also generally governed by disclosure laws.
Most states and local areas also have real estate disclosure laws designed to protect the buyer. Some states have lengthy questionnaires that a property owner must fill out before selling a property, which ask questions about any defects or problems. These questionnaires differ from area to area, though they typically cover everything from plumbing and electrical within a building to issues with the land itself. Disclosure of any water damage from leaky roofs, the presence of wetlands on a piece of property, and recent deaths on the premises is sometimes required.
Typically, real estate disclosure laws only require property owners to disclose issues they are aware of, in which case they cannot be held liable for any issues they were unaware of prior to the sale. However, this protection is not provided in all jurisdictions and in some cases sellers may be sued by buyers after a transaction has occurred. This makes it especially important to consult an expert on disclosure laws if there are questions about whether something should be disclosed.
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