For many people, purchasing a home is a rite of passage. And while you probably did not know much about real estate when you bought your first house, you inevitably learned a lot through the process.
When it comes time to sell your home, you have another learning curve where you can apply some of the information you gleaned in making your investment. As a seller, you should be aware of the disclosures you must provide for potential buyers. Although your disclosure paperwork will likely include “known defects,” do you know what might be included?
What do you need to disclose in a property sale?
You must make buyers aware of things you are aware of that could negatively affect their health or safety, reduce the value of the property or lessen the normal life of the property. However, your disclosures might be more detailed.
While you may question whether certain disclosures are worth sharing, remember it is better to be honest up front. Trying to keep things to yourself to make your property seem more desirable, or to speed up a sale, could lead to legal and financial trouble down the road.
The disclosures you should provide buyers may include:
- Boundary disputes with neighbors
- Drainage problems
- Pest infestation
- An occurrence of death within the home
- Paranormal activity
- The presence of lead-based paint
While it may seem like you are oversharing, think of how potential problems could be troublesome for the new buyers. Being transparent throughout the sale can minimize your legality while providing a positive experience for all involved.