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There are certain mandated
disclosures in all parts of the U.S. The main one applicable to all
houses built prior to 1978 is the Lead Based Paint Disclosure.
Most States now require a Sellers Disclosure which encompasses such
things as the condition of the property, any easements, utilities,
any neighborhood problems (next to a school, aircraft flight path
etc.) the features of the house (type of construction, roofing, a/c,
heating type, built in appliances etc.) and whatever the seller
knows that could affect the value or the “quiet enjoyment” of the
dwelling.
As a seller, if you are not a citizen or legal resident, you need to
disclose this. This falls under FIRPTA, the Foreign Investment in
Real Property Tax Act.
I am going to list the disclosures required for California which, as
far as I know, has the most required disclosures of any State. There
may be local disclosures required as well; you will have to check
with your closing agent, attorney or Escrow Company to see which are
applicable to you.
If you are selling a condominium or a house in a PUD, Planned Unit
Development, you are also going to have to supply your buyers with a
copy of the Association rules and financial statements.
Here we go, remember not all of these will apply to you.
Data Base Disclosure: This is to let your buyer know that there is a
sex offender database available for them to check.
Home Inspection: To make the buyers aware that they can get a home
inspection.
Homeowners Association Disclosure
Lead Based Paint Disclosure: For structures built pre 1978 |
