Whose obligation is it to disclose info about property?
Whose obligation is it to disclose material information about a home to a perspective buyer?
In most states, it is the seller, but obligations to disclose information about a property vary. Under the strictest laws, you and your agent, if you have one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to you including past and incidents that may occur during the escrow period.
This might include:
1. Homeowners association dues
2. Whether or not work done on the house meets local building codes and permits requirements.
3. The presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night, poor TV reception or air traffic noise.
4. Any death within three years on the property.
5. Previous repairs to the property.
6. Components attached to the property that may not work correctly or are broken.
7. Any restrictions on the use of the property, such as zoning ordinances or association rules.
It is wise to check your state’s disclosure rules prior to sale or purchase of a home.