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In most of the United States, its illegal for a home seller to knowingly conceal major defects from buyers. In fact, most states lawssuch as those of California, New Jersey, and Floridarequire sellers to make formal (often written) property disclosures covering major home components, systems, and conditions.
What is the purpose of the disclosure?
There can be a great deal of documentation that goes into closing on a property. The Sellers Disclosure is a statement that outlines any known problems and need-to-know information about the property.
What is the purpose of the sellers disclosure?
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.
Is seller disclosure mandatory in NY?
To augment the courts guidance, the New York legislature created the Property Condition Disclosure Act (the PCDA) (N.Y. Real Prop. Law 460-467). It requires home sellers to make certain disclosures about material defects in the property or pay a credit of $500 to the home buyer at closing.
What must be disclosed when selling a house in Oregon?
Under Oregon law a seller must disclose to the buyer any material defects known to the seller that would not be readily apparent to a buyer. Oregon civil law also imposes on all parties to a contract a duty of good faith and fair dealing.
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form. Sec. 7. (1) The disclosures required by this act shall
This statement is a disclosure of the condition and information concerning the property, known by the seller. Unless otherwise advised, the seller does not
by LA Bernstein 1997 Cited by 5 A seller generally would not be sub- ject to disclosure liability unless the seller know- ingly failed to disclose a condition that involved an unreasonable
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