The Importance of Seller Disclosures
Monday, June 23, 2014
The decision to sell a house is filled with important things to know about. One of those items is the importance of seller disclosures. The state and federal laws regarding those disclosures are strict. A buyer cannot see what is behind the walls of a house that they are interested in, so it is necessary that the sellers are honest about the condition of the Home. Follow these tips to help make the disclosure process as easy as possible:
- One of the first things that a real estate agent will do when selling your home is to give you a Real Estate Disclosure Statement. This statement asks you to disclose items like lead, asbestos, radon and other toxic substances.
- While the form asks you to disclose issues like lead or radon, it does not require you to test for those substances. It is important to remember that the buyer's lender always has the right to request proof of testing.
- You are required to fill out the forms yourself. Your real estate professional cannot fill out the forms for you, but they can provide assistance with helping you understand what each item is asking for.
- It is always best to fill out the form as completely as possible. Putting too much information is always better than not putting enough information. It is also important to remember that while the form has an "I don't know" box, it is best not to check that box unless you really have no idea. Having a home inspection is sometimes the best way to feel confident about filling out the form.
- Be sure to keep all work orders and reports to share with potential buyers.
If you've never considered the importance of seller disclosures before, consider how you would feel if a seller didn't inform you about major issues with a home that you were Buying. This is one place in the real estate market where trust is crucial.