Real Estate Disclosures a Home Seller Is Required to Make
When you’re selling a home, even the tiniest detail can affect the sale—which is why so many homeowners deliberate over renovating or selling the home as is.
But did you know that there are some details that you must either fix or tell potential buyers about? Called “real estate disclosures,” these defects can get you in massive legal trouble if you don’t reveal them in advance of a sale.
It’s worth noting that these mandated disclosures vary from state to state, so you should always do your research to understand the requirements in your area. However, there are a few disclosures that are common across the board. Here are the ones home sellers should know about.
A Death Inside the Home
Because some people buying a home may feel anxious or superstitious about buying a home someone died in, most states require you to disclose this information. The details vary, however. In some cases, for example, you may not have to disclose deaths that happened of natural causes or accidents.
The rules of this disclosure depend on the state you live in. Some states dismiss the idea of hauntings, while others obligate sellers to reveal the details of exorcisms or suspected paranormal activity.
The Presence of Pests
If you’ve been struggling to deal with pests, it’s not a problem you should foist off on buyers without letting them know. With moderate to severe infestations, some sellers prefer to sell the home as is to a reputable company. If you’re in the Kansas City area, for example, Best Offer KC can help.
Local Nuisances and Hazards
If there are any major nuisances in the area around your property, you may be forced to disclose them, especially if it would be a hassle for buyers to deal with them every day. These nuisances can include things like smoke from a nearby factory, smells from a nearby farm, or noise from a neighboring airport.
In addition, you’ll also need to include potential health hazards like contaminated water.
Repairs and Damage
Many states have laws that require sellers to disclose any serious home repairs. This can include repairs to address roof defects or the home’s structural integrity, for example. It can also include repairs to the home’s major systems, like the electric or plumbing system.
You may also need to disclose past water damage, whether or not you have restored this damage. This might include things like damage from a severe flood or storm.
Double-Check Your Real Estate Disclosures
If you’re selling a home, it’s crucial to do your homework when it comes to real estate disclosures. Failing to disclose a required detail can land you in legal hot water, which can complicate the sale process or even lead the buyers to pull out of the deal. Make sure you research in advance!
Looking for more tips to help you make the most of your home and property? Check out our other posts for more insights.