Property Disclosures
Sellers and their agents must disclose material facts that affect a property's value or desirability. Disclosure protects buyers and reduces liability for licensees.
Federal Disclosure Requirements
Federal law requires sellers of pre-1978 housing to disclose known lead-based paint hazards and provide an EPA pamphlet. Other environmental concerns like radon, mold, and underground tanks may require disclosure depending on state law. Agents must not conceal known material defects.
Material Facts and Stigmatized Property
A material fact is any information that could affect a buyer's decision or the property's value, such as a structural defect. Sellers generally must disclose known latent defects that a buyer could not easily discover. State rules vary on disclosing stigmatized-property matters like a death on the premises.