What does the seller have to tell the buyers? Are there disclosure requirements?
It is essential to disclose any existing condition that would seriously affect the value of a home or that might have a significant effect on the opinion of the purchaser of the home. If serious issues are not disclosed, and the purchaser chooses to go to court with his complaint, seller will be in a poor position and might be found liable. Such conditions as Urea Formaldehyde, termites, structural problems are obvious cases. Any not at arms lenght transactions, which affect the price of the home should also be disclosed. NOTE: This is only a brief description and does not costitute legal advice. If you have a question regarding disclosure consult your lawyer. Your Realtor can also help you or point you to a proper authority. Realtors are legally bound to strict disclosure rules.