Disclosure In Real Estate
By Katie
In the process of selling a home, owners will come across the term
"disclosure." This refers to the necessity of disclosing any and all
problems or concerns with the home to the prospective buyers. Things
that would qualify for the disclosure statement vary from home to home
but there are a few that are typical and at least one (lead-based
paint) that is federally mandated. If
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the home in question does have lead-based paint then there is a 10 day
period after the disclosure statement is issued where inspections can
be carried out. No matter the age of the home, it is always a good idea
to find out if this kind of paint has ever been used.
There is another section of disclosure that is known as the "Material
Facts." This can be defined as any information that could affect the
buyers decision to purchase the home or affect the offer terms and or
price. Sellers could find themselves in an actionable position if these
things are not disclosed. One of the most notable "material facts" is a
death in the home. Most people do not mind if there was a death in the
home, however if that death was violent; most buyers will quickly
change their minds.
The most basic of disclosures are things that relate to repairs that
have been done on the home such as plumbing repairs, whether there has
been a fire in the home, and any other structural concerns. Keep in
mind that anything that you tell your agent, they are legally required
to disclose during the sale. Also, you as the seller are required by
law to disclose any issues with the home that you are aware of. It is
the best policy when disclosing, to simply be honest and up front about
the home. Buyers will appreciate your candor and the sale of the home
will be much easier.
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