Home : Blogs : Ronald Stead : Ronald's Blog

Material Facts in Real Estate

The following examples include details that would qualify as material facts that must be revealed by sellers about their homes:

Damage from wood boring insects
Mold or mildew in the home
Leaks in the roof or foundation walls
Amount of property taxes paid annually
Known problems with a well water system
Problems with sewer or septic systems
Age of shingles and other roof components
A buried oil tank
Details about any individual who claims to have an interest in the property
Information about a structure on the property that overlaps an adjacent property
Right of Way, Encroachments, and / or other encumbrances
Radon Issues
Chimney structure issues

Some things are not material facts and do not have to be disclosed. They include personal information about the seller and the seller's reason for moving.

Among those things that may or may not be material facts: whether a death took place in the home or whether a home is considered haunted.

Give me a call today and I will share with you my knowledge of all the pertinent disclosures in selling your home.

I AM AT YOUR SERVICE!

Ron Stead Call me today at 540-539-1200 or e-mail at rstead@shentel.net
Find my website at http://www.ronsellsva.com/

Posted by Ronald Stead on 12/28/2007 09:35 PM

Comments (9)

shenandoah valley, virginia, real estate, ron stead, shenandoah county, disclosures, disclaimer, buyer, seller, agent

9 Comments on Material Facts in Real Estate

Ron, depends upon the state! In California, according to my CE trainer just completed, he said that if you've been thinking about it then it's probably material, including the haunted house thing!

I actually sell the valley -- Silicon Valley! Always pleased to answer any questions about our market conditions and the like. Have a great New Year!

12/28/2007 09:48 PM

by Tom McEvoy (RE/MAX Santa Clara Valley)

I go on a theory my first manager told me. If the thought crosses your mind for a split second, "Should i disclose this" then yes you should. The three words of real estate aren't location, location, location. They are disclose, disclose, disclose. Keeps you out of court in the long run.

12/28/2007 10:02 PM

by Gary McAdams (GMAC Schwartz Property Sales)

Had a deal fall apart after a home inspection in a nearby county. A week later, the agent took the house off the market and immediately relisted it with a new MLS #. I can only guess why...

12/28/2007 10:15 PM

by Natalie Langford, Winchester, VA Real Estate (Realty Direct of Shenandoah Valley)

But then if you decide to comment on the stigmatized property then perhaps the seller could have a letigimate issue with you as the selling agent. - and just relisting a property under a new MLS listing how did that make the issue go away.. there is not a ALT+CNTRL+DEL in life - it is what it is. Just talk about the property - the real estate that we are licensed to sell - and ask your Broker how to deal with stigmatized properties. After all he and you will have some "splainin" to do if those topics are not by law needed to be known.

12/28/2007 10:52 PM

by Richard C. Decker,P.A.-Realtor Broward County FL (RE/MAX Partners)

Must be revealed if they are known by the seller.

12/28/2007 10:55 PM

by William Moore (Innovative Realty)

Richard, I don't think I know which direction your comment is going in! Would love to know what you mean. What do you mean by splainin? I haven't even stated the property address. I've only excluded one county it could be located in! It wasn't even my listing!

12/28/2007 11:05 PM

by Natalie Langford, Winchester, VA Real Estate (Realty Direct of Shenandoah Valley)

Sorry Natalie- as in "Lucy" - Rickie would say " you got some splainin to do " - generation gap faux-pas. And I know it was not your listing, sorry for the confusion..

12/28/2007 11:43 PM

by Richard C. Decker,P.A.-Realtor Broward County FL (RE/MAX Partners)

That's okay, Richard. I was a military brat and grew up overseas, therefore missed out on quite a few shows! I'm still waiting for Ron to weigh in...

01/01/2008 10:13 PM

by Natalie Langford, Winchester, VA Real Estate (Realty Direct of Shenandoah Valley)

Natalie,

Sorry I was a bit delayed in responding.

Sounds like this agent needs a good lesson on the Realtor Code of Conduct as well as a good brushing up on disclosure law.

If he or the owner are aware of a material and/or latent defect the they are legally binding to disclose it to potential buyers as I understand things.

I agree with the policy of "If you don't know............Disclose just in case"

Thanks for all your feedback..

ron

01/04/2008 10:54 PM

by Ronald Stead (Remax Leaders - Sherry Wilson & co.)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?