The next time you are in the Toledo real estate market, surely you will have expectations about how you should be treated. Great customer service, high ethical standards, effective communications – these should all be part of the service package.

But let’s be more specific.  What obligations do sellers and Realtors have to disclose problems such as property defects?  Both the states of Ohio and Michigan require sellers to fill out multi-page disclosure forms regarding the condition of their property, and these must be acknowledged by a purchaser or else the purchaser has the right to rescind the purchase agreement. 

So defects need to be disclosed, but what constitutes a “defect”?  First, it needs to be one of which the seller or licensee has knowledge. Buyer’s agents look out for their client’s best interests, but that does not include an obligation to discover latent defects.  “Material facts” (known to the seller or Realtor) need to be disclosed, so what constitutes a material fact? The best definition I’ve heard over the years is “any facts which would impact the decision of a reasonable buyer when deciding whether or not to buy, or the terms by which they buy.”  We know that buyers (and their attorneys) hate surprises, so rest assured, if a seller asks us not to disclose a known defect, The Danberry Co., Realtors will not work with them.

Find an honorable, trustworthy Toledo area real estate agent on our home page.  Search for agents or simply search for your dream home – when you find the perfect match, fill out a contact form and we’ll call you today!