Things You Must Disclose When Selling Your Charlotte Home
Legal issues facing sellers’ nondisclosure of a property’s problems, have become a bigger issue the in previous years. That could result in more lawsuits against sellers who have not provided full disclosure of problems with their property.
As a seller, you must disclose anything that might impact the value of your Charlotte home. That includes something as small as a toilet that doesn’t flush properly to something as big as an unstable foundation. Anyone selling a Charlotte home, even in “as-is” condition, must obey disclosure laws.
Those exempt from property disclosures in the state of NC include bank-owned properties and new construction.
Here are six things that you, as the seller, must disclose:
- Termites – If your Charlotte home has or had a problem with termites, it must be disclosed to the buyer.
- Lead – If your home was built before 1978, you must comply with the federal law requiring disclosure of all known lead-based paint and hazards in or around the house. Buyers must receive a copy of the Environmental Protection Agency’s pamphlet Protect Your Family from Lead in Your Home, and they must be allowed a ten-day window to test the house for lead. If this process is not followed, the buyer can sue for triple the amount of damages suffered.
- Water damage or mold – If there was mold caused by a leaky roof, flooded basement or dampness, these water issues must be disclosed.
- Infamous history – A home’s notorious or criminal past must be disclosed.
- Natural hazards – North Carolina require sellers to disclose any risk of natural disasters such as being in a flood plain. Other states may require disclosure of any risk of being in an earthquake zone or susceptibility to wildfires.
- Historical or special zoning should also be disclosed as it limits what the buyer may be able to do with or to the property.
If you’re unsure as to whether you should disclose something, disclose it. If you have even the smallest question about whether to disclose something to potential buyers, avoid the potential for liability and tell all.
If you’re considering selling your Charlotte home, I can help you determine what needs to be disclosed. Give me a call today at (704) 491-3310 if you’d like a more detailed description of any of this information, or email me at Info@GoogleCharlotte.com to request additional information.