When you’re selling a home, you are required by law to disclose certain facts about your home. You might not be required to tell your potential buyers that the paint is flaking off of the patio ceiling, for example, but there are a lot of other qualities of your home that you must tell buyers about before any agreements can be made. If you don’t do this, you run the risk of having legal action taken against you. Because of this, it’s crucial for you as a seller to understand these disclosures before you ever list your home for sale. A good realtor can help you learn more, but check out the tips below to help you get started.
Any Problems You Know About: This is the first and most basic type of information you’re required to disclose as a home seller. If you know of any damage, such as a hole in the roof or a cracked foundation, you must disclose it to any potential buyers. If you don’t, you run the risk of having legal action taken against you. While you can argue that you didn’t know about some potential types of damage to your home, most undisclosed structural problems that fall under this category can be deal breakers.
Home Inspections: When someone buys a home, they are required by law to have a home inspection performed. If you’re selling a home, you have the option to pay for this yourself and make the results of the inspection available to buyers. This can encourage your home to sell faster, since it’s an expense your buyer won’t have to pay and it also shows that you’re honest in your dealings.
Deaths on the Property: In some states, sellers are required to disclose any deaths that have occurred on the property within the past few years. This is not true in every state, so be sure to speak to a realtor or look up the legal information about this disclosure where you live.
Lead Paint and Asbestos: If your home has lead paint or asbestos and you know about it, you must disclose it as well. However, when the home inspection is performed, the inspector will notice if either of these are present. If your home has either lead paint or asbestos, in Arizona you will be required to have this repaired before you can legally sell the same. Some states do not have this requirement, so again, be sure to do your research if this happens to you.
Natural Disaster Hazards: If you know of any potential natural disaster hazards that aren’t immediately obvious to the buyer, you must disclose these in many states as well. For example, if you’re selling a home on the beach in Florida, the risk of a hurricane is obvious to the buyer. However, if you live in Kentucky and have a home sitting on a fault line, this may not be something your buyer knows or realizes it, and you should disclose it.
Choosing an experienced realtor is key for a smooth transaction and a positive home buying experience. I have been helping home buyers and sellers in the valley for over 10 years.