A disclosure document is very important for both sellers and buyers. Sellers are expected to disclose information in a written document. These legal disclosures are different in each state. It is better to consult an estate lawyer for better estate planning. Read on to know about 5 legal disclosures sellers need to make while selling you a house.
1- Neighborhood Nuisance
Nuisance is mostly caused by noise or unpleasant caused by outside sources that might disturb the inhabitants. Sellers are required to disclose odors, smoke, noises or other nuisances from industrial, commercial or military sources that impact the property.
2- Hazards
If there is a risk of damage to the house in the form of a natural disaster or potential environmental contamination, the seller must include this information in the information disclosure document. Many states require sellers to mention the presence of toxic waste, radon gas, asbestos, urea-formaldehyde insulation and prior usage of the property for manufacturing methamphetamine. According to New York State’s Property Condition Disclosure Act, the seller must inform buyers about whether the house is situated on a wetland, flood plain, or agriculture district.
3- Repairs
It is also important to mention what has been repaired and why? Buyers should disclose the repair history of the property so that the purchasers can pay extra attention to the problem areas. This will also help to identify possible future issues. For instance, sellers should disclose the details of any previous roof or structural repairs and any other issues that might impact the structural integrity.
4- Water Damage
Sellers should mention any previous or current leads and water damage. Water leaks can damage personal possessions and damage the house structure. For instance, sellers should disclose water presence in a basement or crawl space, noteworthy damage from floods, roof leaks and the type of plumbing system.
5- Homeowners’ Association Information
The sellers should disclose if the house is governed by the Homeowners’ Association (HOA). Homeowners are expected to pay monthly fees imposed by HOA, and they can also impose policies that might not be acceptable to buyers. Sellers should also be aware of the financial health of HOA and share this information with the buyers as well to reach an informed decision.
If you are looking for legal guidance in buying property, you can reach out to Ledwidge & Associates, P.C. We are a Real Property Law firm Brooklyn with years of experience in helping clients with estate planning Brooklyn. Reach out to our estate lawyers for knowledgeable legal guidance and let us help you with your legal matters.
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