As a seller, state laws require you to disclose crucial information to potential buyers before they make an offer. These laws typically require you to disclose known defects, past repairs, water damage, and more.<\/p>\n\n\n\n
Despite these disclosures, buyers can sometimes run into unknown issues. Are you liable for these defects? <\/p>\n\n\n\n
If yes, how long are you liable after selling a house<\/a>?<\/p>\n\n\n\n So how long are you liable after selling a house? A statute of limitations is a deadline that limits the amount of time a victim has to take legal action. <\/p>\n\n\n\n For defects that arise after the sale of a property, the statute of limitations varies from two to ten years, depending on the state where the sale takes place.<\/p>\n\n\n\n For instance, Connecticut law establishes a statute of limitations of three years<\/a> for fraudulent misrepresentation or nondisclosure. If you breached a written contract, the statute of limitations is six years.<\/p>\n\n\n\n California has a four-year statute of limitations<\/a> for breaching a contract. If the sale happened in Minnesota, the buyer has two years to take legal action<\/a>.<\/p>\n\n\n\n The statute of limitations varies from one state to another, but you should keep in mind that these statutes only apply if you breached a contract or failed to disclose something you were aware of.<\/p>\n\n\n\n When selling a home, you\u2019ll have to provide a document called a seller\u2019s disclosure statement. This document should list the latent conditions you\u2019re aware of, along with repairs and other issues.<\/p>\n\n\n\n The definition of a latent condition varies between states and can impact what you\u2019re responsible for disclosing. For instance, Maryland law defines a latent condition as a flaw that poses a threat to health or safety<\/a>. <\/p>\n\n\n\n In Texas, state law says you must give a written description of your knowledge of the state of the property, with a focus on material defects<\/a>.<\/p>\n\n\n\n Note that the language used in Texas state law potentially makes you liable for diverse defects, including issues that don\u2019t affect health or safety.<\/p>\n\n\n\n Your sales contract should include language that explains you disclosed everything you were aware of and the steps you took to uncover possible flaws with the property before the sale.<\/p>\n\n\n\n If a buyer runs into an issue, they have the possibility of filing a lawsuit in a small claims court. A judge will then determine if you failed to disclose something you knew about or if you genuinely didn\u2019t know about the issue. <\/p>\n\n\n\n A judge can also hold you liable if you should have reasonably known about the defect.<\/p>\n\n\n\n Even though no laws require a home inspection, it\u2019s a common practice to schedule one before the sale is final. A buyer will typically make an offer and schedule a home inspection shortly after the seller accepts their offer.<\/p>\n\n\n\nHow Long Are You Liable After Selling a House?<\/h2>\n\n\n\n
What Are You Liable for When Selling a Home?<\/h2>\n\n\n\n
The Importance of Scheduling a Home Inspection<\/h2>\n\n\n\n