Residential Property Disclosures

When gettin ready selling your home, you are contractually obligated by law to disclose certain information pertaining to the 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 in order to list and sell your home. 

THE BASICS

Almost all states require sellers to complete these forms when listing for sale. Nearly all of the questions require a basic yes/no/unknown response. These 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, its condition, known problems, and defects. All of these factors will influence a buyer's decision on wether or not 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. It’s always best to be forthcoming and honest if anything is wrong or needed to be fixed.

MAJOR DEFECTS

Any and all major defects MUST be disclosed. For instance, fire or flood damage. For instance, 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 also.

Since each state has varying federal and special disclosure laws, it's so important 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.