Failure to Disclose

Are you looking for an experienced lawyer to help you with real property disclosure issues? Do you need help understanding what failure to disclose entails? At BPE Law, we provide comprehensive assistance to both commercial and residential property buyers who did not receive appropriate disclosures when purchasing a property. We can pursue both arbitration and litigation in order to protect your assets.

Professional Assistance with Real Estate Disclosure Issues

Buying a property is often time-consuming and stressful. Despite the joys that come with ownership, some buyers fall prey to dishonest sellers who do not make all of the disclosures required by state law. Fortunately, the law provides recourse for those individuals who bought a property from a dishonest seller and have found a defect or flaw that substantially affects the overall value of the property.

What is Failure to Disclose in Real Estate Law?

In real estate law, the term failure to disclose is used to describe the action of a party who has refused to disclose essential information about a property to a buyer. Disclosure is important in property deals because some property flaws can significantly lower the market value of a residential or commercial building. Disclosure also ensures that all parties are entering into the deal fairly and with full knowledge of the true condition of a given property.

It’s important that property buyers understand that there are a number of disclosures that must be made by sellers under state law. In many situations, sellers will make these disclosures after an inspection of the property has been conducted. Disclosures can be made after a buyer has made an offer on a property. They must be made before a contract is signed.

Failure to Disclose Defects or Malfunctions

Some of the most common disclosures that sellers must make regard defects or malfunctions of the property for sale. Some of the most common defects listed in disclosures include:

Failure to Disclose Property Liens and Bankruptcy Issues

It is absolutely essential that sellers disclose any property liens on the real estate that they are trying to sell. If they do not disclose this information, buyers may be in for a lengthy court battle before they can take control of the property. Sellers should also disclose any current bankruptcy filings as properties can become involved in repayment plans in bankruptcy courts.

Failure to Disclose Essential Property Information

The law requires property owners to disclose a wealth of miscellaneous information before a sale can be completed. While most of the information that must be disclosed is aimed at detailing the state of the property, sellers should also tell potential buyers the following:

Remember that sellers must disclose issues with both residential and commercial properties. However, the law varies somewhat on the items that should be disclosed in each instance. Your BPE Law attorney will help you understand whether or not the seller from whom you purchased a property failed to make a legally required disclosure.

Handling Real Estate Disclosure Issues

It is essential to have an experienced attorney assist you when handling real estate disclosure issues. Your BPE Law attorney understands the intricacies of real estate law and can help you find the best solution for your disclosure issue. Depending on your situation, your attorney may advise you to take one of two courses in order to secure a confirmation of the seller’s liability and to collect damages.

Your attorney may recommend that you pursue arbitration to take care of failure to disclose. During arbitration, you will meet with the seller and will work with a mediator in order to secure a settlement. If your attorney feels that the property seller acted negligently or if you have noticed a severe defect in the property, you may be advised to pursue litigation. A judge or jury will make a determination about the seller’s liability and may choose to award you damages at the conclusion of a trial.

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