To protect both buyers and sellers, the law places strict guidelines on real estate transactions, including seller disclosure reports. Sellers are required to complete these before the purchase agreement signing to document and disclose any defects they are aware exist with their listing. If filled out accurately and reviewed by a real estate lawyer, a disclosure report will serve to ensure buyers know exactly what they’re getting when purchasing a home. Here’s what you should know about this aspect of the process. 

A Guide to Seller Real Estate Disclosures 

What Are the Disclosure Requirements in Pennsylvania?

Laws regulating what home sellers must specifically include in a disclosure report vary from state to state. In Pennsylvania, potential buyers must be advised of known material defects that could easily be missed during a walk-through. This includes any problems related to the home’s roof, foundation, walls, basement, plumbing, HVAC equipment, and electrical systems. Sellers must also reveal water or sewage problems, previous termite treatments, remodeling projects, and issues surrounding the property’s title or insurance. The form contains an extra section for sellers to add defects that didn’t fit into any other category. The report may be several pages long. Sellers are only obligated to disclose issues they personally know of and don’t have a duty to obtain a home inspection for the purpose of providing buyers additional information. 

What Are the Consequences for Failing to Disclose? 

If a Pennsylvania home seller neglects to properly disclose problems with a property, they can face costly consequences. If a buyer can prove the homeowner had knowledge of the defect, they can pursue compensation for any damages they’ve suffered. The seller can also be ordered to pay for repairs. Thus, it’s best for homeowners to have their disclosure report checked by a real estate lawyer to ensure something hasn’t inadvertently been left out.

Disclosure reports are informative for buyers, but they can also keep sellers out of legal trouble. Whether you’re in the market for a new home or listing your property for sale, a real estate lawyer at Ferraro Kruk & Ferraro, LLP can help you close a deal successfully. They understand the challenges that come with transferring ownership of a property and have been entrusted to represent the interests of numerous residents throughout Pennsylvania’s Cameron and Elk counties. Call (814) 268-2202 to speak with an experienced real estate lawyer, or visit their website to learn more.