Make sure you ask the sellers of the home for a seller's property disclosure!

Although you have viewed the home, looked at the walls and ceiling, turned on the faucets and played with the light switches, you have not lived in it. The seller has years of knowledge about his or her house and there may be some things you want to find out about as quickly as possible. For this reason, you will require certain disclosures as part of your offer.

Basically, you want the seller to disclose any adverse conditions that may have a substantial impact on your decision to purchase the home. This would include any problems with the house, whether the property is in a flood zone, a noise zone, or any other kind of hazardous area.

Not all states have seller disclosure requirements, although there is a movement in this direction nationally. Some states have voluntary seller disclosures. Sellers often wonder what they should disclose. Usually a seller is required to disclose any known material facts that are not readily apparent to a buyer, although this is not the case in every state. A basement that floods, but where all evidence of flooding has been removed prior to selling, is an example of a material fact. If the house were sold during the summer months, the buyer would have no way of knowing about this drainage problem unless the seller told him.

Often banks selling foreclosed properties are not required to provide property disclosures, as they have not resided in the property. Obtaining these types of property disclosures should always be a part of your offer, and time is of the essence.

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