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/

Ballon over valley

 

9 Comments on Material Facts in Real Estate

DEC
28
2007

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!

 

9:48pm • #1
164,632 Points
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.
10:02pm • #2
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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...
10:15pm • #3
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.
10:52pm • #4
Must be revealed if they are known by the seller.
10:55pm • #5
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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!

 

11:05pm • #6

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..

11:43pm • #7
JAN
01
2008
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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...
10:13pm • #8
JAN
04
2008

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

 

 

10:54pm • #9

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Ronald Stead

Woodstock, VA

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Valley HomeSteads

Address: 2721 South Ox Road, Edinburg, VA, 22824

Office Phone: (540) 539-1200

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