Forty years ago, seller disclosures weren't part of the home-buying process. The rule of the game was buyer beware. Now most states have seller disclosure requirements, although they vary from one state to the next. Consult with a Realtor, the Department of Real Estate, or a real estate attorney in the area where you're buying or selling if you have questions about what a seller is required to disclose. Seller disclosures came into being in order to protect home buyers. However, seller disclosures can also protect sellers. For example, a seller of an older home in the hills of Oakland, Calif., disclosed in writing that the basement flooded during heavy rains. A few months after the sale closed, the listing agent received a call from the buyer. He was upset that there was water i...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.