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Disclosure
In Real Estate
In the process of selling a home,
owners will come across the term
"disclosure." This refers to the
necessity of disclosing any and
all problems or concerns with the
home to the prospective buyers.
Items that would qualify for the
disclosure statements vary from
home to home but there are a few
that are typical and at least one
(lead-based paint) that is
federally mandated. If the home
in question does have lead-based
paint then there is a 10 day
period after the disclosure
statement is issued where
inspections can be carried out.
No matter the age of the home, it
is always a good idea to find out
if this kind of paint has ever
been used.
There is another section of
disclosure that is known as the
"Material Facts." This can be
defined as any information that
could affect the buyers’ decision
to purchase the home or affect
the offer terms and or price.
Sellers could find themselves in
an actionable position if these
things are not disclosed. One of
the most notable "material facts"
is a death in the home. Most
people do not mind if there was a
death in the home, however if
that death was violent; most
buyers will quickly change their
minds.
The most basic of disclosures are
things that relate to repairs
that have been done on the home
such as plumbing repairs, whether
there has been a fire in the
home, and any other structural
concerns. Keep in mind that
anything that you tell your
agent, they are legally required
to disclose during the sale.
Also, you as the seller are
required by law to disclose any
issues with the home that you are
aware of. It is the best policy
when disclosing, to simply be
honest and up front about the
home. Buyers will appreciate your
candor and the sale of the home
will be much easier.
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at:
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