Sellers: 6 Disclosures You Must Make, Or It Could Cost You
These days, the trend among cash-strapped home sellers seems to be to say less in hopes of getting more at closing. But in the long run, this less-than-full disclosure can prove costly.
Lawsuits stemming from nondisclosure of a property’s problems are becoming a bigger issue, according to respondents in the National Association of Realtors 2011 Legal Scan survey. Of the agents who responded, about 75% ranked this issue among their “top three current and future issues.”
While the rule with homebuying was once “caveat emptor,” or “buyer beware,” an increasing number of sellers are finding themselves on the hook for nondisclosure.