When you sell your home, federal and state laws require that you must disclose certain information to the buyers. It is always a good idea to be up-front concerning negative information about your property and neighborhood, although each state has different requirements as to what you must disclose. If a buyer finds out about a problem during closing, there may be a loss of trust and possibly even a failed sale.
Disclosure issues include:
- Lead based paint
- Mold
- Termites
- Planned city projects
- Neighborhood problems
- Airline flight patterns
- Asbestos
- Megan’s Law
Although your state may not legally require you to tell everything, by being up-front, you will make the buyers feel secure and prevent potential lawsuits later.
