Share:

When a home is listed for sale, prospective buyers typically only get the chance to see it in its best light. Thus, a property may look perfect after being cleaned up and staged, but it could have a host of hidden problems that aren’t visible to the naked eye. Fortunately, the law requires sellers to provide a disclosure report, which serves to notify buyers about any known defects a home has before it transfers ownership. If you are going through the homebuying process, it’s best to have a real estate attorney help you review this document, so you can make an educated investment decision. Here is some insight into what you should be looking for.

Information a Disclosure Report Usually Includes

Every state has its own requirements regarding the information a seller is obligated to disclose; however, there is some basic information that most reports ask for. Generally, forms will have a place for the seller to rate or describe the condition of important elements like the foundation, roof, appliances, major mechanical systems, trees, natural hazards, zoning, and environmental hazards. One key point to understand is that the law only makes sellers responsible for disclosing issues they are aware of, and they have no legal duty to perform a home inspection for the purpose of providing additional information.

Ohio Disclosure Requirements 

real estate attorneyAccording to Ohio law, sellers are required to disclose any existing or previous problems they know has affected the home’s foundation; roof; flooring; interior and exterior walls; basement; water supply; sewer system; built-in appliances; fireplace and chimney; and plumbing, HVAC, and electrical systems. It’s also necessary to include information about water leaks, a current wood-destroying insect infestation, or lingering termite damage. Additionally, sellers must reveal issues with boundary lines, zoning, erosion, asbestos, and lead-based paint.

Consequences for Failing to Disclose Properly 

As you go over a disclosure report with your real estate attorney, it’s important to make sure all of the appropriate home and property features have been addressed. If the seller fails to meet their legal requirements and a serious material defect goes unreported, they can be held liable. Ohio buyers have the right to recover monetary damages in such situations, as long as they can prove the seller was knowledgeable about the problem.  

 

Disclosure reports allow buyers to know exactly what they’re getting when they purchase a home. Working with the real estate attorney at Dennis P. Faller, Attorney at Law, will help make sure your investment is successful. Over the last 40 years, he has represented the interests of numerous homebuyers throughout Auglaize County, OH. He is well-versed in local real estate laws and will ensure you are protected when making the biggest financial commitment of your life. Call (419) 738-4578 to schedule a consultation with the seasoned real estate attorney, or visit his website to learn more about the legal services he provides. 

tracking