What is a seller obligated to disclose?
In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you’re trying to sell.
In addition, it is considered illegal in most states to deliberately conceal major defects on your property..
Can you sue someone for selling you a bad house?
You are (probably) within your rights to sue someone who knowingly sells you a house with serious problems. “Most U.S. states have a home seller disclosure law that requires a seller to disclose defects in the home that they are aware of.
What happens when a seller fails to disclose?
Failing to disclose or concealing a defect can lead to a variety of potential damages. First, buyers can sue for breach of contract and intentional misrepresentation and seek either rescission of the sale or the costs to repair the alleged defects.
What can go wrong after closing?
One of the most common closing problems is an error in documents. It could be as simple as a misspelled name or transposed address number or as serious as an incorrect loan amount or missing pages. Either way, it could cause a delay of hours or even days.
Are the sellers of a house liable for repairs after the closing Ontario?
In Ontario, this same statement is called a Seller Property Information Statement or SPIS form. … They are thus governed by the legal doctrine of caveat emptor or ‘buyer beware’ and have to accept these defects on closing, unless they include a clause in their agreement that the seller will repair the defect.
Can a buyer change their mind after closing on a house?
Yes. For certain types of mortgages, after you sign your mortgage closing documents, you may be able to change your mind. You have the right to cancel, also known as the right of rescission, for most non-purchase money mortgages. … Refinances and home equity loans are examples of non-purchase money mortgages.