You found a house you adore in Mid-City. You just can’t live without it! But, that lingering thought comes up – “What’s wrong with the house?”
Before you ever make an offer on the New Orleans home that you fell in love with, you get to peruse the property disclosures. Property disclosures are what the home seller has to fill out explaining all the known defects. What kind of stuff must they tell you about?
Property disclosures cover a variety of issues, including:
- Age of Roof
- If the property ever flooded
- Previous termite issues
- Plumbing defects
- Electrical problems
Who doesn’t have to fill out these disclosures?
Bank owned, auction, and succession properties do not have to fill out property disclosures. Know in advance that you will rely heavily on inspections for any information about the house.
What if I find defects that weren’t on the property disclosure?
You likely will. Many homeowners aren’t aware of the issues you will find during your home inspections. Once they are aware of the defect, they must disclose it to other interested buyers.
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