Avoid lawsuit when selling your home

Concealed details can come back to haunt

Many of the claims made against sellers today are related to disclosures that were not properly relayed to the buyers before closing.

In 2006 home prices were escalating so fast that buyers often overlooked sloppy disclosures. They were happy to own a home in a market where prices in many places rose monthly. Today, home prices are still declining in many areas. Buyers are more likely to make a claim against sellers if they discover after closing that the sellers were less than candid with their disclosures.

Seller disclosure requirements vary from state to state, but the trend nationally is to require that sellers disclose known material facts. A material fact is one that might affect a buyer’s decision to buy or the price offered. It’s a good idea to discuss your disclosure obligations with your real estate agent or attorney before you put your home on the market.