Whether you’re buying or selling property, it’s wise to review local disclosure requirements under real estate law. Buyers can arrange for their own inspections to confirm the purchase will be a sound investment, while sellers can ensure they disclose everything they're obligated to share to avoid jeopardizing the transaction. If reviewing or drafting a property disclosure statement sounds overwhelming, don’t worry; a seasoned real estate law attorney can help. In the meantime, here are answers to some of the most frequently asked questions on the subject. 

Real Estate Disclosure FAQ

What does the seller have to disclose?

In Georgia, sellers must inform buyers of all known latent property defects. Under real estate law, a latent defect is one that is not apparent. In other words, the buyer is unlikely to discover it while conducting a reasonable inspection of the property. For example, a crack in the foundation may not have to be disclosed — unless it’s hidden behind a finished wall. If the damage is hidden, it would be considered a latent defect. 

What kinds of details don’t have to be disclosed?

Sellers have no obligation to inform buyers of drug activity or violent crimes on the premises. Additionally, they don’t have to disclose any details regarding deaths, either natural or otherwise, that occurred inside the home. Finally, they don’t have to tell buyers about registered sex offenders who live nearby. If the buyer asks about any such issues, though, the seller must answer honestly to the best of their ability.

What happens if the seller doesn’t submit a disclosure statement?

In Georgia, sellers are not required to submit a disclosure statement; however, buyers typically expect one. If the seller doesn’t provide a completed report, the buyer may be inclined to search elsewhere. Even if the seller does not submit a formal statement, they are still obligated to inform the buyer of any known latent defects. Otherwise, they could be found guilty of fraud or breach of contract. 

If you need help drafting or reviewing a property disclosure statement, turn to Allen L. Lacey Jr. Attorney at Law in Commerce, GA. This team has more than 35 years of experience in real estate law, helping both buyers and sellers navigate complicated transactions. And to protect their clients’ financial interests in all eventualities, they also assist with wills, trusts, and probate proceedings. To connect with a member of their team, call (706) 335-7886 or reach out on the website.