Real estate disclosure reports describe the conditions of key features within a home and on its property. They provide the buyer with a wealth of information to help ensure they’re making a wise investment. Under real estate law, certain facts must be included in the document. Discover what a disclosure should entail below.

What’s Included in the Report?

Typically, a seller lists the main features of the house and its property in a disclosure. They also indicate the condition of each, answering “yes” or “no” questions using a standard form.

Forms include information about appliances, main structures, such as the roof and foundation, and mechanical systems, including the sewer or septic and electric. Natural hazards in the area, such as flooding, are also typically disclosed, as are environmental hazards, such as the presence of lead.

What Are Some of Missouri’s Requirements?

Real estate law varies from state to state, and there are several factors that Missouri sellers are legally obligated to disclose. For one, a seller must state in the report if a property was used to produce methamphetamine.

This dangerous drug can leave traces behind, which can cause toxicity to future occupants. Homeowners in the state must also disclose any solid waste disposal on the property, as well as any traces of lead.

What Are the Penalties for a Failure to Disclose?

Withholding known information about potential hazards or risks on a property is illegal under the Missouri Merchandising Practices Act. Doing so can be considered deception or fraud and may result in serious penalties.

If issues are discovered in a home inspection, and it’s revealed that the homeowners had knowledge about the problem, the buyer can back out of the sale. The seller and their agent may also face monetary damages, such as having to pay fines or the buyer’s legal fees. They may also be required under real estate law to pay for the repair of the issue.

If you’re buying or selling a home in the Howell County, MO, area, turn to Privette Law Office for professional legal assistance This real estate law firm has been serving the community for more than three decades and helps their clients navigate the complexities of purchasing and selling properties. Find out more about their practice areas online or call (417) 469-3535 to set up a consultation.