I recently met with a seller who asked me what they should disclose about their home to their buyer. I wanted to answer that question for you today.
If you were to look up real estate lawsuits, you would see that a good portion of them have to do with seller disclosures, and sellers failing to disclose certain things they know about the property. Whether the roof is a tad leaky in one spot or there is a lot of traffic in the area, you need to disclose it all to the seller. Anything that you know about the property that will affect its marketability is required to be disclosed by law. Here are three tips to help you avoid situations of failing to disclose enough information to the seller.
1. Keep up with the maintenance. We recommend keeping your systems up to date so that you are in-tune with the condition of your property.
2. Get a home inspection done. Having an inspection done before you list is a good idea. The inspector will come, tell you every little thing they find, and provide a nice report. This will also help minimize liability for you.
3. Offer a home warranty to the buyer. By doing this, you are saying that you’ll cover their main systems if they break down. The buyer will only have to pay a small deductible with a home warranty.
At the end of the day, disclose everything you can think of. You don’t want anything coming back to bite you. If you have any questions for me or you’re looking to buy or sell a home, give me a call or send me an email. I look forward to hearing from you.