Selling a home can be a stressful thing. In today’s market, houses in New Orleans either sit without buyers for a long time or they sell quickly. Regardless, when one finds a buyer, wanting the sale to go through swiftly and without issue is understandable. One thing that can stop a transaction in its tracks is the disclosure list, which is why some sellers may be tempted to keep certain information to themselves. Doing so, however, can lead to real estate litigation.
Failure to disclose is a serious issue. There are certain items of which homeowners are required to make potential buyers aware. Some of those things are:
- Foundation problems
- HVAC issues
- Plumbing defects
The list goes on. Any known material defects generally have to be documented on an official seller disclosure form. The keyword here is known. Homeowners are not required to have their homes inspected in order to look for defects. They only have to document what they know is wrong with the house or property.
Those in New Orleans who sell property without disclosing known issues can find themselves in a bit of trouble, as buyers may take legal action to hold them accountable for any losses resulting from the failure to disclose. Real estate litigation can cost both sides of the issue time, money and their sanity. Thankfully, no matter if one is the seller or the buyer in this type of situation, with the assistance of legal counsel, the issue can be resolved as quickly as possible.