Min. basics you need to disclose in the transaction of selling a home?

Question

For example, I've heard you don't have to tell if it was once used as a meth lab...

Answer 1

Disclosure of a methamphetamine lab is definitely required, since it is a material fact to the value of the property, as are any other situations which reflect the physical conditions and value of the property.

One of the few things which generally need not be disclosed is the death of a person in the premises.

Answer 2

It varies from state to state.

In some states, you must declare practically any past history you know about. For instance, if you know there was water damage in the basement, you need to disclose it. You can also explain if there were any steps taken to remedy the problem.

Basically, if you don't declare something meaningful to the buyer, and the buyer finds out about it later, they can bring a lawsuit against you and probably win. This can be very expensive for you.

You'll need to check with a realtor in your state to find out local laws.