Home Disclosures and Material Facts

Every state has its own laws regarding disclosures, so the forms will vary depending on where you live. You can purchase legal forms from a local office store or download forms from uslegalforms.com.

A federal disclosure such as Lead-Based Paint is required for all transactions if the home was built before 1978. The disclosure also gives the buyer 10-days to conduct inspections for lead-based paint, unless that time period contingency is waived in writing. It's considered good practice, however, to give every buyer, regardless of where she lives and regardless of the type of property she is under contract to purchase, the disclosure regarding lead-based paint. The potential for a lawsuit is too great to do otherwise. Besides, even though it's prohibited, there are still places where lead paint is sold.

Material Facts

Material Facts are commonly referred to as anything that would affect the buyer's decision to purchase or the price and terms the buyer offers. In other words, if you have knowledge about a defect, it should be disclosed.

External Disclosures

Some states require disclosures about items that affect or could affect the property such as:

• Earthquakes
• Natural Hazards
• Zoning Changes
• Flood Zones
• Fire Hazards
• Noise Pollution
• Ground Pollution
• Air Pollution, among others.

Lead Paint Disclosure Statement

Lead Paint Informational Brochure

Article on Minnesota Real Estate Forms

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