You have fallen in love with a house for sale, and you are close to making an offer to the seller. But before you do, you must ensure that they have provided a disclosure report on the property. Understanding the importance of this document is critical to protecting your investment.
Decoding the disclosure
The Seller’s Disclosure of Real Property Condition Report lists everything they know about the home’s history and current condition. They declare known issues related to various aspects of the property, which include:
- Roof leaks and past flooding
- Functionality of plumbing and electrical systems
- Presence of environmental hazards
- History of pest infestations
- Boundary disputes and transactions with the Homeowners Association
While the document promotes transparency, it is essential to remember that it is a “good faith” statement of the seller’s current knowledge, not a comprehensive warranty.
Leveraging Delaware disclosure laws
The Delaware Buyer Property Protection Act mandates sellers to provide you with a written disclosure. They must accomplish this before you sign the contract of sale.
You might be wondering about the truthfulness of the disclosure. If you discover a major issue after closing, you may sue the seller for fraud or misrepresentation. However, you have the burden to prove that the seller knew about the issue and intentionally hid it from you.
Your recourse when honesty fails
Discovering a latent defect after moving in can feel like a profound breach of trust. You deserve to have a transaction built in good faith, but going after the seller can be overwhelming. Because these forms can be legally dense and the stakes are your life savings, seeking legal counsel is wise.