Is there mold in your home? What about termites? Do you have a septic tank buried in your yard? If you’re in the process of selling your home, it’s necessary to disclose these items to a buyer well before a sale is completed.
It is against the law in Nevada to fraudulently conceal any major problems in your home. This includes everything mentioned above to whether your roof leaks during heavy rains or if part of your foundation is crumbling.
Property disclosure plays a very important role in a real estate deal. Today, it is standard for written disclosures to be included in the contract. And when you sign one, it must be truthful. If not, you’re looking at costs and possibly a lawsuit.
When it comes to property disclosure, you should always talk with your real estate agent and/or attorney about what’s required to disclose. You can also check with your town’s City Planning Department about local ordinances and disclosures that can come into play.
Generally, you’re only responsible for disclosing information that you personally know about, so it’s not necessary to hire an inspector to come look for problems regarding conditions that weren’t brought to your attention when you purchased the home. This will enable potential buyers to understand the financial risk and danger they could face, plus warn about problems they may experience in buying insurance for the home.
If you’re buying a home, you should demand an extensive disclosure statement be part of the contract. This will protect the buyer in case something shows up after the sale.
Asking a seller to disclose material facts means you’re asking them to disclose anything they know about the house that might be problematic. While you can’t force someone to sign a disclosure, you always have the right to leave any deal, and you might end up forcing the other parties hand.
If a seller does refuse to sign a disclosure, and you still want the house, it should send up a red flag that something might be wrong. This should encourage you to invest a little more when it comes to an inspection and do your due diligence about the neighborhood. In the end, it’s better to be safe than sorry when it comes to making sure the home of your dreams doesn’t turn into a nightmare.
To learn more about disclosures, call us.