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Identifying information to include in real estate disclosures

Property owners from Florida might be wondering what kinds of real estate disclosures are required whenever a potential buyer is interested in the home. Any factor that might influence the valuation of the asset is required to disclose to the buyer. This could include any problems within the home that are known to the current owner.

Concealing a known defect could be illegal, but without prior knowledge of the issue, the owner may not be required to hire an outside source, such as an inspector, to identify additional problems. This could vary by state laws, however. Owners should be aware of what specific regulations are mandated in property disclosures.

The property owner may not have to fix any problems in the home, but not fixing the problems may decrease the valuation of the property. Even though it is not required that an inspector assess damages, it could be beneficial to the owner. For example, if unexpected issues arise in the home after it is purchased, the inspector's report could be helpful in protecting the homeowner because it could prove the issue was not known during the time of the sale. It could also legally shield the owner if the buyer ever tries to claim that the disclosure requirements were not met at the time of purchase.

Since real estate closings can be complex, property owners might find that it is helpful to hire a real estate lawyer in order to be certain that all regulations are being followed in regards to the property disclosure. A lawyer might also be able to assist in handling other aspects of real estate, such as short sales, alternatives to foreclosure and selling property.

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