You may be wondering what to disclose to your prospective buyers if you're thinking about selling your home. When selling real estate, it's essential to understand your legal duties as a seller, and one of those responsibilities is honest disclosure. What to disclose when selling a house depends on the state you reside in. Some states are stricter than others when it comes to disclosing issues. Keep reading to find out what you may need to disclose when selling a house:
- Haunted Homes
It's paramount to find out whether disclosure of mysterious things or paranormal activity happening in and around the home is something that is needed. Although some states require disclosure of haunted houses and others do not. Some buyers would not come near a haunted home, while other buyers don't believe in ghosts or any types of demonic entities.
- Violence on the Property
Most states require the seller to disclose information on any murders, suicides, or violence committed on a property. However, the requirement for this disclosure usually depends on the time that the murder or death happens. Buying a house where a death took place recently might be something that a few buyers may not like. If the property was used as a brothel or drug house before, this also requires full disclosure.
- Structural Issues and Malfunctions
Any issue with the roof and foundation of the house need to be disclosed. Replacing a roof is expensive, and it also takes a lot of effort to repair a house with major structural problems. Sellers should also disclose any home system malfunctions, which include but not limited to:
- Cracking or peeling in the vinyl siding
- Faulty electrical wiring
- Leaking, clogged, or low-pressure plumbing
- Mechanical problems such as heating, air-condition, non-functioning appliances, etc.;
- Lead-based Paint
The Federal law requires sellers to disclose any known lead-based paint if you're selling a home built before 1978. This law is known as the Residential Lead-Based Paint Hazard Reduction Act of 1992. Lead paint is a compulsory disclosure in all states. The buyer can sue you for damages suffered if you don't comply with lead paint disclosure requirements.
- Water Damage
Water can damage personal possessions when it gets in where it shouldn't. Water damage can create mold and attract termites if left unattended and even put your health at risk. Sellers should disclose present or past leaks or water damage to avoid an expensive lawsuit.
How Can Seller Make Real Estate Disclosures?
Real estate disclosures are required in a written form, and both the buyer and seller must sign and date. If you're selling a home, it best to make your disclosures in written form and get a signed statement from the buyers that they received them even if your state doesn't require you to do so.
Are Still Confused?
If you're ready to sell a home but looking for guidance or need additional clarity on how to prepare home listing, it might be time to connect with Sean Dailey Compass.
Sean Dailey Compass