Whether you are buying or selling a house, Megan’s Law may have an impact on how the transaction goes.
If you have children, you want to make sure they are safe in their new home. “Are there any sexual offenders close to me?” Megan’s Law can help you figure it out.
This law will be examined and how it may effect real estate disclosures.
What exactly is Megan’s Law?
Megan’s Law mandates sex offenders to have their identities entered into a registry and to notify law police when they move.
Megan Kanka, a 7-year-old girl who was raped and murdered by a convicted sex offender in 1994, inspired the legislation. Her murderer was a neighbor who her parents had no idea was a serial killer.
The law provides parents with information about convicted sex offenders in their community in an attempt to avoid similar horror from happening to other families.
What effect does Megan’s Law have on buyers?
Disclosures are frequently required as part of the home-buying process. Real estate disclosure rules in several areas require the seller to disclose any known concerns to the buyer. This could involve concerns with the house, but it could also include issues in the surrounding neighborhood.
This disclosure could be relevant to Megan’s Law in some way. This will inform the customer of how to find out whether there are any sexual predators nearby. If they discover a convicted offender in the community, they may cancel the homebuying process.
This is especially significant for families since it allows them to ensure that they are not moving in next door to someone who could endanger their child.
Researching sex predators is something that should be done before making a purchase.
Could Megan’s Law make it more difficult to sell a home?
If you are selling your house and an offender is discovered living close, it may be more difficult to find a buyer.
Even if the offender moved in after you bought the house, it could still have a negative impact on its value. Of course, this is not your fault, and it may make selling more difficult.
Though this condition may cause you to lose money via no fault of your own, you are not required to disclose it. The real estate disclosure only applies to anything you are aware of. You can’t reveal something you don’t know about if you’re not aware of a sexual offender in your community.
There is also no necessity for you to conduct research to assist the customer. Only information you already know about the home and the neighborhood is needed by law to be included in the seller’s disclosure.
Due to “Caveat Emptor” regulations in some areas, vendors may not be required to reveal anything, allowing the buyer to beware.
Real estate disclosure regulations
While the specifics of what is required in real estate disclosures differ by state, a Megan’s Law Database Disclosure form may be included. This gives the buyer information on how to find out whether there is an offender in the area.
Providing this information is frequently all that the seller needs to do to fulfill their disclosure obligations under the law. It is not the seller’s job to conduct this research on behalf of their buyer.
Even if the buyer is given the information to check to see if there is a sexual offender in the neighborhood, this does not guarantee that they will do so. Even if an offender is nearby, the buyer may be unconcerned enough not to scan the database. This means Megan’s Law will have no bearing on whether the deal proceeds or not.
The buyer will sign the disclosure form, stating their understanding of their rights and the capacity to search for offenders in the region. If they do not conduct adequate due diligence on this, the sale will proceed without regard for the seller.
Last thoughts
Real estate disclosures are required for the buyer to identify any issues with the home or community. Megan’s Law permits buyers to safeguard their family’s safety in their new house, but only if they take advantage of the chance.
REALTORS® are critical in protecting their clients’ interests. A buyer’s agent should ensure that their client understands everything they need to know before purchasing a home. Part of that includes making certain they understand the disclosure and Megan’s Law.
A local real estate attorney may also be of assistance.
While discussing this matter is unlikely to be at the top of anyone’s priority list, applying Megan’s Law to assess the area is something buyers should be aware of.
