Quote:
Originally Posted by graciegirl
May you never have a sinkhole.
And may you live long and prosper and may you never be hit by lightning.
There is no one to blame for a sinkhole.
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It's not a blame issue. I would buy a house hit by lightning. A sinkhole is different. There are disclosure laws that require owners and sellers to reveal any history that could materially affect the value of the property.
" What Do You Have To Disclose To A Potential Buyer About Your Sinkhole?
In one word – everything!
Recent legislation concerning sinkholes deals with sinkhole claims disclosure at the time of sale. If there was a sinkhole claim made by the seller and paid by their insurance carrier, then the seller must affirmatively disclose to the potential buyer of the property that a sinkhole claim has been paid and if the insurance proceeds were used to repair the sinkhole damage. Taking it one step further, not only should the seller disclose any sinkhole claims, but they should also disclose any subsidence/settlement/sinkhole related activity. All of this information should be disclosed on the Seller’s Disclosure Statement plus copies of any and all engineering reports should be provided to the potential buyer."