Listing a few of the most important things to disclose before you sell.
As a home seller, you have a ton on your plate, which makes it easy to forget about a very important part of the home-selling process: disclosures. In disclosures, a seller provides written information about known things that could impact the property’s value. Then, the buyer has five days to review what you’ve disclosed and decide if they want to continue with the sale. While there are many different things a seller must disclose,I’m going to list a few of the most forgotten (and impactful) items.
First, if the home is located within a homeowner’s association, you need to disclose that fact. Associations generally have monthly fees for homeowners, and they can impose rules on their members that a prospective buyer might not find acceptable. Also, you need to know about the HOA’s financial health and provide this information to the buyer so they can make an informed purchasing decision.
Next, if your home has major structural issues, you need to disclose that. In addition to repairs that need to be made, you must also disclose repairs that have been completed. Buyers need to know the home’s repair history so they can have their home inspectors pay extra attention to problem areas. You may also want to disclose electrical or plumbing repairs and any other problems you would want to know about if you were going to buy the home.
Finally, if your home was built before 1978, federal law requires that you disclose that the property may produce exposure to lead from lead-based paint. It was federally banned in 1978, but sellers of homes built before then must also provide buyers with an EPA pamphlet called “Protect Your Family From Lead In Your Home.” Then they must give buyers 10 days to conduct a paint inspection or risk assessment for lead-based paint, and include a “lead warning statement” in the contract.
“The most common mistake sellers make is not disclosing something important.”
The key thing to remember about disclosures is that when in doubt, disclose. Failing to disclose something you were aware of beforehand could lead to a messy legal situation. In fact, it’s the most common mistake sellers make when talking to their buyers.
If you have further questions about what you need to disclose when selling your home or anything else related to real estate, don’t hesitate to reach out to me by phone call or email. I hope to hear from you soon!