Q: If a deal on a house falls through due to home inspection issues due those issues need to be disclosed to future buyers?
My agent told me we need to disclose and inspection issues to future potential buyers but it doesn't seem correct. Is it?
A: Your realtor is correct. A seller of residential real estate has a legal duty to disclose all known defects to potential buyers. The NJ Supreme Court has expressly ruled that caveat emptor (let the buyer beware) is not the law of this state and that there is an affirmative duty to disclose known latent conditions that would affect the value of the property or a reasonable buyer's decision to purchase. Not disclosing a defect is fraud.
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