Thread: What should be disclosed?

Here in Minnesota, sellers are required to disclose anything and everything they know about the property. For new construction homes, townhomes, condos...you name it really, the builder should disclose any and all pertinent facts to the buyer. I personally think this is crucial in order to have a smooth real estate transaction.

Buyers deserve to know any material facts that may impact their decision to purchase a property and at what price. All of these items that you listed below I would say are material facts that the seller needs to disclose.

I hope this helps. And thanks so much for your comments!

The term 'disclose' is normally applied to DEFECTS.

In other words, a homeowner is required, depending on the state, to disclose things such as foundation problems, termite damage, mold, flooding issues, or other known defects. In addition, the mandatory seller disclosure form generally has a long checklist of items stating the type of foundation and roofing, the type of systems such as gas or electric heat, etc. Some states require the room dimensions and square footage be provided. Some of this information is required in the local MLS.

Many of these disclosure lists have an 'unknown' box next to each item and it's not uncommon at all for a seller to check 'unknown' down the list. After all, most homeowners probably couldn't tell you what type of insulation they have or how thick their walls are. They may not even know what their roof is made of.

A good builder will provide as much information about the home as possible, including what types of materials were used and what construction techniques were employed. It's in their interest to INFORM you about the quality of their work. Which is a little different from DISCLOSING information.

Also note that in some states builders are exempt from the seller disclosures required for pre-owned homes... all the more reason to hire a licensed inspector when buying new construction!