Most states require sellers to disclose any known defects and material facts about the property they’re selling. While the extent of these disclosures varies from state to state, the disclosures are the homeowner’s responsibility and not the Realtor’s.
In many states it is illegal for a seller to conceal major defects. Generally speaking, you’re only required to disclose things you have personal knowledge of. Sellers are typically NOT required to hire an inspector to identify problems they didn’t know about.
Disclosure forms will ask about the condition of major components such as, the age and condition of the roof, furnace and air conditioning – as well as any known defects to the home’s major systems – like plumbing & electrical – and structural components like the home’s foundation.
Disclosing a problem doesn’t mean the seller is obligated to fix it – although known problems will likely become negotiating points for potential buyers. If you choose to fix a problem after disclosing it, be sure to document what you did to resolve the issue.
Making a full disclosure is the best way to avoid potential lawsuits down the road.
