Buying or selling a home is one of the largest financial transactions most people will ever make. As such, a variety of real estate laws are put in place to protect both parties involved in a deal. A crucial regulation when you’re in the market to purchase a home concerns seller disclosure reports. Most states require sellers to document any known defects a home has and to disclose them to potential buyers. This ensures buyers know exactly what they’re getting when they invest in a property. Here are some important factors to understand before reviewing a seller’s disclosure.

A Guide to Seller Disclosure During Real Estate Transactions

What Is Included in a Disclosure Report? 

Every state has their own laws regarding what must be included in a seller disclosure report. However, there are a few elements that remain standard. The seller will use a form to rate or describe the condition of features such as the roof, foundation, major mechanical systems, appliances, zoning, trees, natural hazards, and environmental hazards. Sellers are only responsible for disclosing problems they personally know about and aren’t required to have a home inspection completed to provide more information. 

What Must Be Disclosed Under Ohio Real Estate Law? 

Ohio real estate law requires sellers to disclose any issues related to the home’s roof, foundation, basement, flooring, interior and exterior walls, sewer system, water supply, fireplace and chimney, built-in appliances, and electrical, plumbing, and HVAC systems. They must also reveal any known water leaks and insect infestations or damage. Additionally, sellers are obligated to acknowledge problems with erosion, boundary lines, zoning, asbestos, and lead-based paint.  

What Are the Consequences of Failing to Properly Disclose?

If an Ohio home seller fails to disclose a significant material defect, they can be held liable. The buyer may file a lawsuit to recover monetary damages, but they must be able to prove the seller knew about the issue. In some cases, the seller’s real estate agent may also be accountable for neglecting to disclose problems they were told about or observed for themselves.

Disclosure reports are not only helpful for informing buyers, but they can also protect a seller against future legal action. Whether you’re looking to buy your dream home or have a listing for sale, the legal team at Riley Resar & Associates PLL will assist you in closing a successful deal. They know the ins and outs of Ohio real estate law and offer nearly three decades of experience handling the complexities of transferring ownership of property. If you need to dispute a disclosure report or you’re facing a lawsuit for nondisclosure, call (440) 244-5214 to schedule a consultation at their office in Lorain. You can also visit them online to learn more about their services.