Pros & Cons of Seller Disclosures

If we go back in time to 1903, history tells us that all states were Caveat Emptor. This French term simply means buyer beware. Other words it is the buyer’s responsibility to do their due diligence to inspect every aspect of real property prior to closing on a sale. Slowly state by state began transferring the
responsibility from the buyer to the seller by doing away with the Caveat Emptor law. Case after case settled in Supreme Courts have stated their decision was based on the fact, the seller misrepresented a fact on the disclosure form. In some of those cases the judges based their decision on the fact the buyer
never asked a specific, direct question to the seller. This sounds like a good basis for requiring a seller disclosure on every transaction. It would get all the defects out in the open so they can be dealt with and it would probably lessen the liability on the real estate agent as well. This is true in all states that aren’t Caveat Emptor.