Seller Disclosures to the Key West Home Buyer

Most states do not require disclosure. Thus, in most states, the phrase caveat emptor - or buyer beware - prevails. Unless the Key West Home Buyer asks specific questions about defects, the seller is not required to disclose them even if he or she has specific knowledge that one or more substantial defect exists. As a result, any problems discovered by the new key West Home owner after the sale is closed are his or her problems. The moral? As a buyer, when in doubt, ask.

As a key West Property Seller, you may want to disclose known material defects that seriously affect the home's value even if your state does not mandate such disclosure. This will help you avoid any future legal problems involved with the sale of your home. Many of the lawsuits filed about real-estate transactions involve the seller's misrepresentation or failure to disclose. Responding honestly to the buyer's questions and either repairing material defects or disclosing them is an effective way to avoid future litigation.

What are the Key West real estate agent's obligations with respect to disclosure?

The Code of Ethics of the National Association of Realtors governs real estate firms and agents who are members. This Code calls for disclosure of all known pertinent facts about the property. Members also will try to get all the buyer's questions answered. For example, if the buyer has spotted water damage in the basement, a member agent should ask the seller about it and tell the buyer about the cause of the problem.