Failure to Disclose Defects in the Sale of the Home
Whether you are buying a home or selling, it is important to know everything about the house before you finalize the transaction. Most states have mandatory property disclosure laws that cover major home components, systems and conditions, and it is illegal for a seller to conceal major defects from buyers.
While this might seem burdensome for sellers, disclosure laws protect sellers from potential lawsuits after closing. Some states require sellers to disclose if a violent crime occurred at the home, or if there are any environmental issues (like radon gas). Disclosure laws cover the following home systems and conditions:
- Roof defects
- Water leakage issues, including basements
- Heating/Air conditioning system issues
- Foundation instabilities and cracks
- Termite and other insect infestations
- Plumbing and sewage issues
- Property drainage problems
- Lead paint
- Any neighbor issues
- Problems with the title to the property
Failure to disclose these issues can leave sellers vulnerable to lawsuits from the buyer, which could leave you liable for repairs and damages due to the defect. If your case goes to court, you could even be ordered to pay punitive damages for fraud.
Whether you are buying or selling a home, the Colorado real estate attorneys at Torbet Tuft & McConkie, LLC can help guide you through the inspection process and these disclosure issues.
Call our Colorado Springs attorneys today to discuss the best way to stay protected.