When selling a house, homeowners must make certain disclosures so buyers know what they’re getting. In some cases, if it’s shown that someone intentionally hid issues with the house, it could constitute financial fraud. Disclosure declarations are typically made during the sales process.
But what exactly should a home seller disclose? Below are a few answers based on the laws in Georgia.
Lead paint
Lead paint is no longer used in modern construction, but older homes may still contain it. Because it can cause significant health issues, especially for young children, its presence must be disclosed.
Water damage
Water damage in a house can have serious ramifications, including decay and structural stability issues. It can also lead to mold growth, which poses health hazards to occupants.
Issues with in-home systems
Homes often include appliances and built-in systems, such as heating and cooling units or water heaters. If there are known defects in these systems that may prevent them from functioning as expected, they must be disclosed.
Past issues with pests
If the home has had significant pest problems, such as a termite infestation, this must also be disclosed. Termite damage can be severe and is often hidden within walls.
Boundary issues
Finally, home sales often include a property survey. If there are disputes over property boundaries with a neighbor—particularly if there is ongoing litigation—these disputes must be disclosed to the buyer.
Navigating a real estate transaction
Making proper disclosures is just one part of the home buying or selling process. Those navigating this process should make sure they understand the legal steps involved to protect their interests and resolve any disputes.