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A sellers disclosure is a real estate document that provides details about a propertys condition and how it might negatively impact the value of the home. It is often required by law, though what it needs to contain can vary by state and locality.
Do you have to disclose mold when selling a house in Georgia?
However, general property disclosure requirements mandate that sellers must disclose any known material defects, which could include significant mold problems. Sellers are encouraged to provide full disclosure to avoid potential legal issues.
Is a seller disclosure required in GA?
Georgia is a buyer-beware state, meaning sellers are not required to complete a disclosure form. However, they must disclose any known material defects that could affect value or safety. Examples include issues like structural problems, roof leaks and environmental hazards, to name a few.
Is a seller disclosure required in NY?
The Property Condition Disclosure Act requires the seller of residential real property to cause this disclosure statement or a copy of thereof to be delivered to a buyer or buyers agent prior to the signing by the buyer of a binding contract of sale.
Can you sue seller for not disclosing Georgia?
Georgia Home Sellers Liability for Failure to Disclose If you know but fail to disclose important but not readily visible facts about the condition of the house, the buyer might have a legal cause of action against you for fraud, misrepresentation, or breach of contract.
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Who is required to complete a seller property disclosure form in New Jersey?
Sellers of residential property must complete the Disclosure Statement (questions 1 through 108). A copy of the Disclosure Statement is available here; and. All sellers of real property, both residential and non-residential, must complete the Flood Risk Addendum to the Disclosure Statement (questions 109 through 117).
Is it bad if there is no seller disclosure?
In most states, by law, you have to disclose any issues with the property. By not disclosing, you open yourself up to lawsuit.
Related links
Property Condition Disclosure Statement
Jan 26, 2024 Purpose of Statement: This is a statement of certain conditions and information concerning the property known to the seller. This Disclosure
Nov 1, 2024 Form T-47. Sec. V. Effective November 1, 2024. T-47 RESIDENTIAL REAL PROPERTY AFFIDAVIT. Date: GF No. Name of Affiant(s):. Address of Affiant
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