Posted by Bill H on May 26, 2006 at 20:57:56:
Yes and lots of it…you cannot as a seller deliberately withhold information detremential to the buyer.
The statutes presume that you as the owner know the most about the property, having had it for some time.
I had a lady want to sell me a marvelous lakeside property once…only problem…she had failed to do due diligence and had bought it at a tax sale…only to find out it was USELESS except for recreational use…and that could not involve anything that might flow down the hill to the lake. I passed.
For instance…you could not sell me a property with a poisoned well.
Would you buy it?
AND: it will turn up on a title report and the deal will be busted. You are not giving FREE and CLEAR title.