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In New Jersey, home sellers have a legal obligation to buyers to disclose information about their property's known defects. Failure to disclose can result in costly legal skirmishes that most homeowners would rather avoid.
But, there are 12 states that are still considered \u201cnon-disclosure:\u201d Alaska, Idaho, Kansas, Louisiana, Mississippi, Missouri (some counties), Montana, New Mexico, North Dakota, Texas, Utah and Wyoming. In a non-disclosure state, transaction sale prices are not available to the public.
Both the seller and listing broker have obligations concerning the use of this form, and the buyer and buyer's broker need to have an understanding of what this form represents by way of disclosures. The SPD form is referenced in the Contract to Buy and Sell (CBS) in section 10.1: \u201c10.1. Seller's Property Disclosure.
What Must You Disclose? There is no formal legal requirement in Georgia for a seller to fill out a disclosure form. But the seller does have to inform the buyer about any material defects. In this case something is considered \u201cmaterial\u201d if the defect would cause a person to not buy the property or pay less for it.
In New Jersey, sellers have a "duty to disclose" material facts or defects and cannot hide information about their property. Disclosable information would certainly include mold and any significant water intrusion such as flood damage or ongoing problems with wet basements or crawl spaces and groundwater.
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In Colorado, sellers have a duty to disclose information the buyer would find of significant importance about the property. This information is a material fact. Sellers are also supposed to reveal issues that could negatively affect the property's value. This is an adverse material fact.
Can a buyer sue after closing? Yes. In New Jersey, sellers must disclose known, latent, material defects that they either knew or should have known.
Colorado state statutes require that sellers of residential property disclose the following to buyers: That the property might be in a special taxing district, and where the buyer can go to find out whether the property is, in fact, within such a district.
Agency Disclosure (§ 520-1-. 06(4)(b)) \u2013 No standardized form. Georgia law demands that licensees describe to both buyers and sellers the relationship established upon accepting representation by an agent.
Although Georgia's statutes do not require sellers to fill out a disclosure form, Georgia courts have stated that home sellers must inform buyer about any latent or known material (important) defects in the condition of the home.

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