Jones & Walden, LLC - Bankruptcy

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There is no such thing as a perfect piece of property. Almost any home, building or other structure could do with at least some level of work, whether that be a coat of paint or significant repairs. Problems can arise when it comes time to sell a property, though. Many sellers in Georgia do not realize when it is necessary to disclose problems with a piece of real estate, which can lead to conflict in the future.

Sellers are obligated to disclose certain problems to potential buyers. This does not mean that a seller has to list out every minor issue, such as a cracked floor tile or loose doorknob. Instead, he or she must disclose material defects or potential problems that could impact the property’s value.

It is not necessary to go out of one’s way to look for problems, as sellers only have to disclose problems of which they are already aware. However, it could be helpful to have a professional inspect the property. If the buyer tries to claim that the seller concealed a serious problem, the seller can use the property inspection report to demonstrate that that was not the case. It is possible that an inspection will uncover problems though, so sellers should be prepared for this outcome.

Disclosing real estate defects does not mean that a seller has to repair the problems or that the property will be impossible to sell. Many buyers are willing to address potential problems. Navigating the process of identifying and disclosing these defects can still be difficult though, which is why many sellers choose to consult with an attorney who is knowledgeable in Georgia real estate law.