Disclosures! Disclosures! Read all about it!
If you’re in the process of selling a home, when it comes to disclosures, many real estate agents will tell you different things. Some will say to disclose every repair, and replacement that’s occurred.
The fact is laws govern this very issue. While they vary from state to state, there are federal laws as well, the most notable of which is regarding lead-based paint. The best thing to do, especially if you’ve heard a suggestion that seems too extreme one way or another, is to consult a real estate attorney who knows your state’s disclosure laws.
Typically, anything that lowers the perceived value of the property or anything that would affect the buyer's decision to purchase or the price and terms the buyer offers should be disclosed.
Three tips for sellers:
1.) Answer all questions to the best of your ability.
2.) If you don’t know the answer to a question answer “Do Not Know.”
3.) Use your common sense and be honest.
Until next time,