Disclosure when selling a home...?

Question

I found out that my house falls with in an area of soil contamination. The letter came from the Health Dept. and it stated that there was no threat to the municipal wells at this point but they are setting up a task force to monitor what the EPA is currently doing to protect the water source. What I am concerned about is whether I am required to disclose this if I go to sell my home. Also property values...will this effect the value of my home?

Answer 1

your a private owner no real estate disclosure laws apply , if you use a real estate co they are required by law to disclosure all known facts ,
if someone asks and you LIE ,that's fraud ,
this probably will affect your homes value ,it depends how much in demand your area is ..IE schools, jobs, , scarcity of homes for sale in the larger area
CALL A LAWYER\ DO NOT TAKE A REAL ESTATE AGTS WORD.. THEY QUOTE LAWS THAT APPLY TO THEM.

I do agree w/C2006 honesty is the best policy , you do have to live w/yourself. people can sue you as well ck w/ a lawyer to see who would win. and how much it would cost to defend yourself.
It may well be cheaper to disclosure

I would also ck w/ a lawyer to see if you have a claim against who ever did the contamination , for loss of property values , or even mental anguish

Answer 2

Yes, by law you the seller are required to disclose any and all information that you have which is pertinent to the property. Failure to do so could result in financal damages being awarded to any potential buyer.

Note: Disclosing some information does not necessarily mean its a bad thing. Nor does it mean that the value of the property will decrease. All disclosing does is warn potential buyers that you are aware of something that may be of concern to them. Who knows, any potential buyer for your property may not care about the notification...

So long as the health department does not upgrade their warning, you should be fine. You never know, the problem may be resolved with no adverse effect on your property (let's hope so!).

Best of luck, and remember: Honesty is always the best policy.

Answer 3

Yes, you are required to disclose this as it has the potential to impact the long-term value of the home. If the health department says in writing that there is no threat to the wells at this time, it should not affect the value. Your realtor should probably know how to pass this info along to a potential buyer and put a positive spin on it.

Answer 4

Hello,yes this has to be disclosed ...you can get sent to court for failure to disclose home information.....and if your selling it through a realtor you must tell them,and they have to fill out a form saying that the buyer can choose to have a soil test done(at their cost).....it shouldnt affect the value of your "home" but it may affect your "lands" value...probably by several thousand dollars..you need to go to the health department and get a written and noterized statement saying it wont affect the wells or else..alot of people will not buy a home like this....or just have it contingent upon passing a soil test they pay for themselves...meaning they have to be satisfied with the results of the test before they are under obligation to buy your home...good luck

Answer 5

Holy pessimist. a house proprietor can in basic terms divulge issues they understand approximately. maximum proprietors do no longer rip up flooring and drywall to examine for termite injury on a prevalent foundation. immediately assuming that a house devoid of disclosures is a dud is quite narrow minded. in case you have doubts, and with any homestead purchase, get a house inspection performed.

Answer 6

On your seller's disclosure, write "See attached letter from the Health Dept." You are probably not qualified to explain the exact status and expected future status of the soil, and if you have a Realtor who tries to, FIRE HIM, he's gonna get you sued.

Answer 7

I would. If you don't the purchaser might come back & sue you for failing to disclose the information. It's prolly best to consult an attorney.