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What do you need to know about disclosure in a home sale?

Whether you are the one buying or selling a home, you understand that most homes are not in pristine condition when the title changes hands. You may have gone to a great deal of effort getting the house as ready as possible for the sale, but it is not uncommon for some flaws to be present. In fact, this is to be expected. It may help you and other Louisiana residents to understand the requirements regarding the disclosure of known defects in a home before the sale.

According to the Louisiana State Legislature, home sellers must sign a property disclosure document detailing any known defects, so buyers are not blindsided by any problems that can turn their dream house into a money pit. For example, if your home was damaged in a flood and you have had a problem with mold ever since, you will need to include that in the disclosure. The same goes for issues such as wood rot, a cracked foundation, an insect infestation or other problems you experienced in the home.

Disclosing known problems can protect you from being sued by the new homeowners. If you are the buyer, such problems do not necessarily need to put you off from a sale. They may enable you to ask for a better price, which could make renovations to fix the issue more affordable.

When you are selling your home, it is important not to hide any defects you know about, or you could face legal repercussions. As a buyer, it may help to go over the property disclosure document with a real estate professional before making an offer. This information is not meant to replace the advice of a lawyer.

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Lundy Lundy Soileau & South, LLP

Main Office: 501 Broad Street Lake Charles, LA 70601 | Phone: 337-439-0707

Mailing Address: PO Box 3010 Lake Charles, LA 70602 | Fax: 337.439.1029