| In real estate transactions there is a stage | | | | integral systems. |
| known as "disclosure." First time home buyers | | | | |
| may not be familiar with the term but anyone | | | | There are other things that should be |
| who has purchased real estate in the past | | | | included in the disclosure statement as well. |
| should be well acquainted with this step of | | | | Sometimes things like a particularly noisy |
| buying or selling. Essentially the process of | | | | neighborhood dog, or problem neighbors. Also |
| disclosure is the step wherein the seller of | | | | there is usually a section that deals with |
| the property "discloses" any issues with the | | | | the title to the home itself. If there are |
| property as it is. Now this can apply to a | | | | any claims to the title such as liens or |
| pretty wide range of things from issues with | | | | easements, they must be noted in detail. |
| the actual home to problems with the | | | | Another things that should be detailed is any |
| neighborhood to things that have occurred in | | | | common property that is shared with adjoining |
| the home in the past. Either way, sellers are | | | | properties. Something that has become more of |
| required by law to disclose all of these | | | | a concern in recent years is whether or not |
| things when selling their home. | | | | the home was ever utilized in any sort of |
| | | | drug operation. This is not saying that the |
| Let's have a look at some things that would | | | | current seller was involved in said |
| need to be included on the disclosure | | | | activities, merely that if the home has been |
| paperwork for a home. The most common things | | | | used for such purpose in the past it must be |
| you will find in a property disclosure are | | | | disclosed. |
| issues with the home itself. Let's say there | | | | |
| was a fire a few years back and an area of | | | | Failure to disclose information on the home |
| the home was rebuilt. Or perhaps at one point | | | | that is important to buyers is punishable by |
| the basement flooded and there was resulting | | | | law. As the property seller you have a |
| rot or water damage. Termite or insect damage | | | | responsibility to be honest and scrupulous in |
| must also be noted as well as any other | | | | your disclosure regarding any property. |
| issues in relation to the home or it's | | | | Failure to do so can result in big trouble. |