Disclosure, Disclosure, Disclosure!!
Oct 17, 2007
Author: Family Realty LLC

If you’ve had the misfortune to experience repeated or serious unresolved problems with your home, it may be tempting to sell it and let someone else deal with the headaches and expense. There is nothing wrong with this, as long as you do not mislead prospective buyers about the condition of the property and make full disclosure of all of the problems.

Real estate laws require that home owners who wish to sell their properties fill out a property condition disclosure form, which informs potential buyers of material facts about the property that is on sale. ONLY the property owner is to fill out the disclosure form, although a Realtor® will be able to walk through the process with you. The property condition disclosure form aims to let the buyer know the exact status of the home he/she wishes to purchase. However, as a buyer, don’t just accept the form, you have to be observant and ask questions.

The most common things you will find in a property disclosure are issues with the home itself. Let’s say there was a fire a few years back and an area of the home was rebuilt. Or, perhaps at one point the basement flooded and there was resulting water damage. Termite or insect damage must also be noted as well as any other issues to the home or integral systems. Keep in mind that as the seller, anything you are telling your agent, they are legally required to disclose during the sale. It is the best policy to be honest and upfront about the home.

Failure to disclose information on the home that is important to buyers is punishable by law. As a property seller, you have a responsibility to be honest and scrupulous in your disclosure regarding your property. Failure to do so can result in big trouble.