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Disclosures in real estate transactions: What you need to know.

| May 24, 2018 | Firm News |

Individuals who are selling a home often have questions about disclosure requirements. What information is a seller required to disclose when putting a house up for sale?

Different states have different disclosure requirements. In fact, many cities and counties have specific disclosure requirements. Before selling a home, it is important to research the requirements in your area.

It is in a buyer’s best interest to find out as much about the property as possible. A disclosure agreement provides valuable information that can impact a buyer’s decision. A disclosure agreement may include information about:

  • Property defects
  • Construction history
  • Boundary line dispute history
  • Zoning violation history
  • Leaky windows
  • Plumbing problems
  • Home remodeling/renovation history
  • Pest inspection history
  • Pet ownership in home

A disclosure agreement is provided to a buyer before purchasing real estate. Typically, the buyer has a chance to back out of the transaction if something unexpected is discovered in the disclosure agreement.

For sellers, disclosure agreements help protect against future legal action. Disclosure agreements document the seller’s knowledge of the property. Sellers (and agents) must make every effort to disclose what they know about the property. It is better to err on the side of caution when it comes to sharing information about the property. Additionally, a home inspection may reveal information about which the seller was not aware.

Real estate-related matters can be extremely complex and detailed. It is critical for buyers to carefully review all disclosures and get all questions answered before signing. Working with an attorney during the purchase process be tremendous help – and the attor

Talk to an attorney today: If you are looking to buy or sell a home in Oregon, Washington or California and wish to speak to an attorney about a real estate matter, call Chenoweth Law Group, PC, at 503.446.6261.