Federal, state and local laws require property sellers to list any defects or problems of which they are aware in a disclosure statement. For example, federal laws require the disclosure of lead-based paint or asbestos, according to Lawyers.com. State and local requirements differ, and some are more stringent than others.Continue Reading
Seller disclosure forms generally contain lists that document known health and safety issues, mineral rights, and mechanical or physical problems in buildings. These forms typically contain several pages that name specific issues with appliances and electrical, sewer and water systems. Owners must list foundation cracks, roofing and other structural conditions, whether visible or hidden. Owners must also include any presence of mold and previously mitigated mold problems, states Lawyers.com.
California requires sellers to include information about local sex offenders. The seller must disclose any conditions which may pose a future threat to the buyers, such as seasonal fires or flooding and even the presence of an earthquake fault, reports Nolo. California also requires property owners to disclose information regarding any recent deaths and nuisances such as nightly barking by neighborhood dogs.
Sometimes a disclosure form may name potential conditions, defects or hazards for which the seller renounces responsibility when selling the property, according to the Virginia Department of Professional and Occupational Regulation.Learn more about Real Estate