I don’t usually pay much attention to our celebrity culture, but this article in the business section of yesterday’s Austin American-Statesman caught my eye:
Anyone who has been in the real estate business is well aware of the requirement to “disclose, disclose, disclose” everything you know or think you know about the condition of your home when selling. Not only is it the right thing to do, but it is the best protection against this kind of horrible surprise.
Dennis and Kimberly Quaid purchased their home on the shore of Lake Austin in February of this year. Apparently, they have encountered many things about the house that they wish they had known sooner. Since I have no knowledge of the facts of the case I won’t comment on whether the case has merit, but picture yourself — 9 months after you sold your home and moved on with your life — being faced with this kind of lawsuit.
Will they have to return the proceeds of the sale? Possibly. Will they spend a lot of money on legal fees to get through this? Almost certainly.
Sure, home buyers should do their own due diligence — property inspections, etc. — but as a seller, there is no substitute for being absolutely meticulous in preparing your disclosure notice prior to putting your home on the market.