Real estate transactions are some of the biggest purchases in people’s lives. As a result, state laws require sellers to disclose information about real property to buyers during a sale. Individuals in Oregon and other states should be aware of some of the disclosures sellers of real estate should make during a real estate transaction.
Sellers must disclose the presence of hazardous materials on their property. Depending on the circumstances, this may include asbestos, lead paint, radon, and other compounds. Newer homes may be exempt from such disclosure because such materials may not be present in newer construction, and it is important to speak with an experienced real estate attorney who knows what disclosures must be made.
Appliances in working order
Sellers of real estate may need to certify that appliances and systems in a home are in working order. If such appliances and/or systems are not working properly, sellers may need to specify all issues with such appliances and/or systems. Buyers may not be able to thoroughly inspect all appliances, so sellers must provide this information.
Encumbrances on property
Sellers may also need to disclose the existence of liens and other encumbrances on property, such as easements, licenses, and other similar encumbrances. In addition, sellers may need to disclose if open mortgages are present on a property. This helps ensure that buyers will know all of the burdens which are associated with a piece of property before they buy.
Square footage and other accurate information
It is important that sellers accurately disclose the square footage and other information about a property in a listing and other statements about the real estate. This is because any misrepresentations can lead to legal issues in the future. Sellers and buyers of real estate should locate an experienced real estate attorney to ensure they understand all of their rights and responsibilities surrounding a real estate transaction.