Is a real estate broker suppose to diclose a death in a home?
Posted by admin on 26 Oct 2008 11:01 pm. Filed under Law & Ethics.
tstep_1868
This pertains to Oklahoma Real Estate Law, and if they are not suppose to and they do, what are the consequences?
This pertains to Oklahoma Real Estate Law, and if they are not suppose to and they do, what are the consequences?
On October 28th, 2008 at 9:36 am
It’s not a structural matter. it’s not subject to disclosure law. There is no requirement to disclose.
Neither is it subject to any type of confidentiality. It’s public knowledge.
On October 28th, 2008 at 1:43 pm
I know in North Carolina and in Georgia, the sellers are supposed to disclose a ******* or a murder that took place on the property. Chances are, something like this would have been reported in the newspaper or on television at the time it happened. If so, then the knowledge is available to the public and there shouldn’t be any penalty if the realtor mentions it.
If you’re the seller and you haven’t disclosed a murder or suicide, and your buyers find out even after they close on the house, some states allow them to sue you for monetary damages. You didn’t disclose a material fact that could have affected the price they were willing to pay.
Here’s what is said on an Oklahoma attorney’s web site:
Whose obligation is it to disclose pertinent information about a property?
A: Obligations to disclose information about a property vary from state to state.
Under the strictest laws, the seller and the seller’s broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him.
Items sellers often disclose include: homeowners association dues; whether or not work done on the house meets local building codes and permits requirements; the presence of any neighborhood nuisances or noises which a prospective buyer might not notice, such as a dog that barks every night or poor TV reception; any death within three years on the property and any restrictions on the use of the property, such as zoning ordinances or association rules.
It is wise to check your state’s disclosure rules prior to a home purchase.