Subscribe and receive email notifications of new blog posts.
RSS Feed
- 2022 | 15 Posts
- 2021 | 24 Posts
- 2020 | 26 Posts
- 2019 | 11 Posts
- 2018 | 6 Posts
- 2017 | 3 Posts
- 2016 | 19 Posts
- 2015 | 4 Posts
26
Tell and Sell: What Morgantown Sellers Need to Know About Disclosures
Sellers in Morgantown are required to make a number of disclosures to prospective buyers. These disclosures help protect buyers and ensure that they know precisely what they're buying before they sign the contract. In West Virginia, the definition of real estate includes the land and anything that is attached. This includes the home, outbuildings, and equipment. It also covers any resources under the land including oil, gas, and minerals. When you add your property to the list of Morgantown homes for sale, it's vital that you understand your disclosure responsibilities as a seller so that you don't find yourself neck-deep in legal problems later on.
Disclosure Statements
West Virginia law requires sellers to provide buyers with a disclosure statement before the prospective buyer agrees to the purchase. These disclosures include:
- Structural Defects
Most structural defects are discovered during the home inspection, and sellers and buyers alike should thoroughly read the inspection report once it's delivered. Potential defects sellers must disclose include damaged roofing structures, problems with walls and flooring, damaged or unsafe foundations, and any water damage within the home. West Virginia statutes also require disclosure of soil conditions including any known contamination or problems with shifting soil that can negatively impact foundations, grading, or general safety on the property. - HVAC Systems
Sellers need to disclose any repairs or replacements to the HVAC system. - Electric and Plumbing Systems
Sellers must disclose any problems with plumbing and electrical systems. This includes information regarding leaks and water damage, power shortages, potential fire risks, etc.
- Zoning Violations
Sellers must disclose nonconforming use of the property. This includes whether the seller has rented space, engaged in business activity, or engaged in actions that violate zoning laws. - Water/Sewer Problems
State law requires sellers to disclose any problems with the water/sewer system. Sellers must disclose any known chemical contamination from local water sources and the presence/status of any water treatment systems. Disclosures must also be made regarding any draining problems, grading problems, or flood risk on the property.
- Illegal Activity
Sellers in West Virginia are required to notify buyers of any illegal activity that has taken place on the property. This includes information regarding methamphetamine labs, marijuana grows, or other potentially harmful activities have occurred at any point in time within the home, on the land, or in the outbuildings. - Environmental Threats
Disclosing the presence of hazardous materials in the home or on the property is vital. This includes disclosing lead-based paint, chemical contamination, radon, or asbestos. Sellers must also disclose any contamination from mining activities or the presence of underground fuel storage tanks.
Failing to Disclose in West Virginia
Failing to disclose known defects and damage can have serious financial consequences in West Virginia. When a seller deliberately makes a material misrepresentation, they can be sued for punitive damages, attorney fees, and any costs associated with a lawsuit. West Virginia law allows the courts to award treble damages. This means that the court has the discretion to award up to triple the amount of the buyer's actual damages.
We encourage you to contact us to learn more about the real estate disclosures sellers in West Virginia are required to provide. Our real estate agents are happy to answer your questions and help you understand your rights and responsibilities.
Bill Porter, Broker
(304) 612-3746207 Aurora Dr
Morgantown, WV 26508
WEST VIRGINIA LICENSES BROKER WVB240300963
AGENCY 010271-00
Translate
Office License No. 010271-00