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