Residential Property Disclosures

Dated: 10/07/2018

Views: 53

When selling your home, you're obligated, by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. Majority of the forms have a required set of questions that must be answered. 

THE BASICS

Most states require sellers to complete this form when listing for sale. Nearly all the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, special disclosures, and federal disclosures. All forms vary by state and require different information. 

MATERIAL FACTS

These include the age of the property, it's condition, known problems, and defects. These are all information that would influence a buyer's decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don't knowingly hide a major defect. 

MAJOR DEFECTS

All major defects MUST be disclosed. For instance, fire or flood damage. If your home's electrical system isn't up to code, and you're aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well.

Since all states have varying federal and special disclosure laws, it's imperative that you reach out to a local real estate agent to get assistance with the sale of your home. They'll have a copy of the required disclosures and can assist you to ensure you don't find yourself in hot water, legally, if an important disclosure isn't shared with buyers.

If you would like more valuable information like this or want to schedule a free no-obligation consultation call my cell 412.403.0542, office 888.397.7352 x.814 or visit http://brandyleeveverka.exprealty.com/

 

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Brandy Lee VeVerka

My goal is to exceed your expectations by helping you obtain the information you need to make informed decisions and to ensure a smooth real estate transaction. Whether buying or selling, I’d be de....

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