What about Disclosures in the sale of my home?
- What disclosures am I required by law to provide to my buyer?
- What is my potential risk for not providing the proper paperwork?
NOTE: “Caveat emptor” used to be commonplace in real estate transactions….it was up to the buyer to discover what they could about a property with little or no recourse against sellers who knew of problems with their home, but did not disclose. Laws are in effect now that provide protections to buyers against such unscrupulous sellers. In Illinois, we have two mandated disclosures (Property Disclosures for all dwellings for sale, and Lead Paint Disclosures for all dwellings for sale built prior to 1978). In addition, with the current climate on Mold, Mold Disclosures are becoming increasingly commonplace in real estate transactions. FYI….all of these disclosures are designed to enable the seller to disclose issues OF WHICH THEY ARE AWARE. Sellers are NOT required to do in depth inspections of their home to find issues of which they were otherwise unaware.