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Property Disclosures: Buyer's View

April 5, 2020 - 8:49 AM EST

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Property Disclosures: Buyer's View

As a buyer, you need to know of any unfavorable conditions that may have a substantial impact on your ability to use and enjoy property you're considering buying. These could include environmental hazards like lead-based paint or underground oil tanks, whether the property is in a noise zone, a flood zone, or any other kind of compromised or hazardous area. In some cases, such conditions must be disclosed by sellers, but not always.

Your team will investigate these issues and let you know what disclosures you can expect from the seller and what your rights are as a buyer. If you haven't hired a real estate professional to represent your interests, you should know that many states don't require individuals selling their own home to provide you with this information. In addition, many states don't require banks selling foreclosed property to provide these disclosures either.

Required of the seller or not, investigating the issues typcially covered by such disclosures should always be part of your buying process.