Do you have an obligation to disclose all known Material Facts to the purchaser? What Act covers this?
Yes, in many jurisdictions, there is an obligation to disclose all known material facts to a purchaser, particularly in real estate transactions. This obligation is often governed by laws related to consumer protection and real estate transactions.
In the United States, for example, the obligation to disclose material facts is typically covered under state laws, which may include specific real estate disclosure statutes. The exact requirements can vary by state, but generally, sellers must disclose any known defects or issues that could affect the value or desirability of the property.
In Australia, the obligation to disclose material facts is covered under the Australian Consumer Law (ACL) and various state-based legislation, such as the Sale of Land Act in different states. These laws require sellers to provide accurate information and not mislead buyers about the property.
It's important to consult the specific laws applicable in your jurisdiction to understand the full scope of disclosure obligations.