Residential Real Estate Disclosures
Suppose your great aunt passed away recently and you are the unlucky family member who gets to deal with her estate. She’s lived in the same house for forty years, and everyone in the family agrees that the house should be sold ASAP. You don’t know much about the house. You do have a vivid memory that back in 1990-ish, a frozen pipe broke and soaked the basement carpet and drywall. The damage has been fixed so no one would ever know. Also, as a kid you remember your great aunt scolding you about putting holes in the walls – something about asbestos? You list the house on the market, and the question is this: Must you tell potential buyers about the busted pipe and the asbestos? Even if you are not legally obligated, should you tell them anyway?