Texas has required disclosure forms for property conditions. A good real estate agent will be familiar with these forms and insist you fill them out truthfully and fully.
There should be clarity on any issues with a home. Disclosure is the name of the game in MA and I would assume it would hold true in any market. Fail to disclose could cause massive legal issues. Disclose .. disclose ... disclose.
The rule is disclose, disclose, disclose. Generally, as homeowners, we are aware of any defects in or outside of our home.
I managed litigation for real estate errors and omissions insurance. The most common case was based on a failure to disclose. I absolutely recommend disclosing anything including any insurance claims whether they were 20 years ago. You don’t want to find yourself in a lawsuit.
It’s not uncommon for multiple siblings to own a property, usually because they inherited a childhood home or vacation house when their parents passed away. Joint ownership has several benefits, especially if each sibling wants to keep the home in the family’s possession.
However, there are some additional financial and legal consideration