Just what are sellers required to disclose to you, the buyer, as you contemplate purchasing their property? According to the state of Florida, sellers MUST disclose any fact that MATERIALLY AFFECTS the value of the property.

So what does that mean? What about that stuck window in the guest BR? Or the time the pipe backed up and the toilet flooded? Does a seller have to disclose that someone PASSED AWAY in the home?

The answers are YES, YES, and NO!I counsel my sellers to disclose ANYTHING that they think might affect the value of their property in the buyer's eyes. Does that include the stuck window? Yeah, it should. Here's why:

1. Buyers are appreciative of a seller being forthright and honest, no matter how trivial it may seem. Most buyers are understanding of a window that won't open or a toilet flooding or a roof leak that was repaired, etc.
2. There is a good chance a material defect will come out on a home inspection and the Buyer's will find out anyway. In some cases, depending on the way the defect is described to the Buyer by the home inspector, it may cause them to cancel the contract.
   

To go back to the question about disclosing someone's death in the residence, Florida has ruled that home sellers DO NOT have to disclose that fact as it does not MATERIALLY affect the value of the home. It may creep some people out, but that alone does not meet the statutory requirements for disclosure.

In real estate, the age-old adage is: LOCATION, LOCATION, LOCATION.

The new real estate adage that keeps people out of hot water is: DISCLOSE, DISCLOSE, DISCLOSE.

The most efficient and legally accepted way to tell a buyer about anything that materially affects the home's value is through written "Seller's Disclosures". Normally, when a client expresses interest in a certain property, their agent requests the written seller's disclosures before making an offer or just to get better insight on the property. The disclosures can be anywhere from 1 - 5+ pages and will include areas such as land, structure, plumbing, electrical, roof, mold, and other areas.

The NEWEST disclosure is CHINESE DRYWALL. Primarily affecting homes built from 2003 - 2007, this drywall has excess organic material within it and gives off corrosive vapors. Lawsuits are already starting to fly over this issue...