Disclosures

Question: Do I have to disclose information about my home?

Answer:

Disclosure could protect you from a lawsuit. Today, home sellers in most states must now fill out a form disclosing material facts about their homes. Material facts are details about the home's condition or legal status, as well as the age of various components.

If your state does not require a written disclosure, the real estate laws probably require sellers to disclose any known problems with the home they are selling.

Question: What kinds of things are considered material facts?

Answer:

The following examples include details that would qualify as material facts that must be revealed by sellers about their homes:

• Damage from wood boring insects
• Mold or mildew in the home
• Leaks in the roof or foundation walls
• Amount of property taxes paid annually
• Problems with sewer or septic systems
• Age of shingles and other roof components
• A buried oil tank
• Details about any individual who claims to have an interest in the property