The word “disclosure” is a term commonly used in real estate law. It is essentially the act of informing potential buyers about anything wrong or imperfect with the property. In other words, a seller has a responsibility to disclose pertinent information about a property or home for sale.
If you are purchasing a home in the Union, New Jersey, area, it is wise to familiarize yourself with the disclosure requirements. When you know the facts about a potential new home, you can make a well-informed decision about the purchase.
Examples of critical real estate disclosures
Unless the home is brand new, you may not worry about a few problems here and there. At the same time, however, you likely expect the seller to be honest about any issues. Examples of problems sellers should inform buyers about include the following:
- Material defects. Sellers acting in good faith always disclose material and structural defects. If the issue is not immediately apparent, such as a roof that only leaks in the winter, they must still disclose the information.
- Intangible matters. Sellers are not legally required to disclose intangible matters unless the buyer specifically requests this information. An example of such an issue is whether a person died in the home. If you ask the seller about onsite deaths or similar issues, they must provide an answer.
- Accuracy of ownership and form. Sellers must also disclose that they have the right to sell the property and that the home (its description, dimensions and other attributes) meets the description provided.
If you do not see any disclosures in your real estate documents, it may be cause for alarm instead of joy. In such cases, it is critical to learn more about real estate law and seller disclosure requirements in New Jersey. A legal advocate can help.