Effective Legal Resolutions, Done Efficiently

What to know about lack of disclosure in a real estate deal

On Behalf of | Sep 22, 2023 | Real Estate Law

There’s a lot at stake in a residential real estate transaction. If you’re a buyer, then you want to make sure you’re getting what you bargain for, otherwise you’ll be left on the hook for paying for a piece of property that falls short of your expectations. One way to avoid being taken advantage of in a real estate transaction is to thoroughly vet the seller’s disclosures and take legal action if they fail to make proper disclosures.

The disclosure requirement

The seller has a duty to disclose any material defects before the real estate transaction is finalized. This includes any defect that negatively impacts the desirability of the property. Knowing that these defects could reduce the purchase price, sellers oftentimes try to hide these facts. This is illegal and can constitute fraud that leaves you at a significant financial disadvantage.

What should you do if you discover a defect?

If you discover a defect like the existence of mold, a leaky roof, or electrical issues, then you need to document when you discovered it and what you did to rectify the issue. Keep track of any damages that you experienced because of the defect. You’ll have three years to bring your claim against the property owner if you want to try to recover these losses.

Before filing your claim, though, make sure you’ve gathered all evidence relevant to your case, including all documentation related to the real estate transaction, such as disclosure forms, purchase agreements, and inspection reports. You’ll also want to retain any communications that you had with real estate agents and the seller, especially if they relate to disclosures.

Know how to protect your interests in residential real estate litigation

There are a lot of nuances to deal with when a residential real estate transaction goes wrong. But don’t be paralyzed into inaction by the difficulties you’re facing. Instead, find a way to aggressively advocate for your interests, thereby putting yourself on a path to correcting the issues your facing and protecting your future.