Seller's Disclosure: What You Need to Know
Let’s face it, as a home seller there are probably things that you would like to keep to yourself, especially when it comes to problems or defects in your home. When selling though, full disclosure is best for not only yourself but also for the potential health and safety of the buyer. Here is a summary of what you need to know about a sellers disclosure.
What is it?
A Seller Disclosure is something all homeowners selling their home must give to buyers. It will list any and all problems with the home. It’s important to note that you only have to disclose things that you are aware of. It is when people are aware of problems and withhold the information that issues can arise. Buyers when notified of home issues can choose to use that as a negotiation tool to bring down the price of a home.
Why You Have To Provide It?
There are both state and federal regulations you must follow in regards to a seller disclosure. The state will primarily handle most of the regulations and because of this, it is important you check with an experienced realtor on exactly what your state requires home sellers to disclose. Federal regulations mandate the lead paint disclosure where sellers notify buyers if their house was built prior to 1978. In this case certain information about lead paint must be distributed to the buyer.
What Must Be Included?
While all states differ in regards to what they mandate their sellers to disclose, below are some general things most states require.
Natural Disaster Zones
Past Earthquake Damage
What Happens If You Leave Things Out?
If sellers do not fully disclose the problems in their home, they can risk the chance of a lawsuit, which takes a lot of time and money. If you aren’t notifying sellers of health hazards and someone gets sick or if they get injured due to a defect in the home there is a whole slew of risks involved. The bottom line is be up front with all issues that you are aware of and better yet, if you have receipts of any repairs put them together in a binder for a buyer to view. It may seem like airing out all your home problems may scare buyers away, but sometimes it can do the opposite.
Thanks for reading my blog! It is my goal as your full service real estate Realtor specializing in the Richmond Hill, Savannah, Pooler, and Hinesville – Georgia areas, to provide you with exceptional service at all times. My promise to you is to openly and honestly answer all your questions, help you navigate through the process and to make myself available to you day and night. I work for you and you are my priority. My local expertise and extensive real estate training and experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer. I am a “real” person and my reputation depends on every client, every deal, every day. I LOVE my job and it shows! You can also connect with me on my Facebook Page and/or Google Plus for area info and events, things to do, real estate news, home ownership tips, tips for both buyers and sellers, and so much more! I’m also on Pinterest!