Today’s topic is how much you should disclose when selling your house.
There are required disclosures when selling your home. No matter what state you live in, there will be a seller’s disclosure statement that will list a variety of things you’ll need to disclose about your home.
Here is a list of some of the things you might typically see on this form:
- Is there now, or has there been, water damage or mold?
- Is there termite damage?
- Are there any cracks in the foundation?
- Are there any leaks in the roof?
- Any issues with appliances?
- Do the electrical, HVAC, sewer, and mechanical systems run properly?
- Have there been previous repairs or renovations? Were those performed by licensed contractors?
- What potential environmental dangers are there? This might include earthquakes, floods, or frequent wildfires.
- Are you in proximity to an airport?
These are a lot of things (but not all) you will be asked to disclose to a buyer, and it is mandatory per state law.
There are also federal laws that apply no matter where you live. For example, if you’re selling a home built prior to 1978, you must comply with the Lead-Based Reduction Act of 1992.
At the end of the day, I’m a firm believer that when in doubt, disclose. The last thing you want to do is withhold information that the buyer might deem important, because what’s going to happen is that you’ll likely find yourself in an awkward situation before closing or even after closing. It happens all the time where buyers will come back and claim the sellers didn’t tell them X, Y, or Z, and it doesn’t always turn out well for the seller.
When we work with you in selling your home, we will go through all disclosures with you to make sure that you’re protected and that you’re disclosing everything that you’re required.
If there’s anything with respect to real estate that we can help you with, please do not hesitate to reach out to us. We really look forward to working with you!