Even though most people have never had a boulder fall through their roof there are still major factors to consider when filling out a property disclosure when selling your home. I have been asked several times from sellers "Should I disclose that?"
In Idaho you are only required to disclose material facts pertinent to the home you are selling. Facts like a death on the property, or that someone living in the home is ill, or that you think it is haunted, does not apply. Material facts WILL include pest infestations, no matter how long it's been, or past flood, fire, or plumbing issues. Don't forget the latest addition to the disclosure forms..Has this property been a site for illegal drug manufacturing? See my blogs titled "Is there Meth on the Property?" and "This Home was a Meth Lab OMG, now what?" . Material facts also include facts about chemicals and gasses...carbon monoxide, lead, asbestos.
What about the little things?..What is considered a material defect? What is not? Do you tell about the ant hill in the back yard that will never go away no matter how many times you've tried to blast the suckers? Or how about the closet door that is always running off it's track? My answer is "Yes"..
A lawsuit may not arise because a closet door is a little screwy, but stranger things had happened. What if that closet door falls off it's rail on the new owners child and the child was injured? Better yet, I'd go through and fix all of those "little" things and the worry is over.
As a rule of thumb, If it is something you would want to know if you were buying the property-disclose it. Do you think you can be sued? Disclose it.
In Idaho, if you receive property in an estate, or bought a foreclsure, you do not have to fill out a disclosure sheet. If you are the seller of any of these, I would suggest having the property inspected Before listing. At least you can have something to go by and your assets are more likely to be covered.
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