Seller Disclosures – Disclose, Disclose, Disclose
Property Disclosures a few questions that it truly pays to answer…and answer honestly. It’s called the seller Disclosure form, and it’s one of the most important things you, as a seller, will fill out in your home sale. From new landscaping and a fresh coat of paint, to appliance upgrades and room remodeling, homeowners will go to great lengths to present their Charlotte homes for sale in the best light possible. However, sellers need to be aware that while they’re fixing up current flaws in their home, they shouldn’t cover up past ones.
So what is a seller disclosure? It’s a form that outlines any conditions that might affect your property’s livability or value. Items a seller would disclose to potential buyers include termites, radon or other environmental issues, foundation problems, broken home mechanical systems or appliances and even things unrelated to your home – but, related to you: Whether you are a real estate agent or your agent has ownership in your property OR your agent is related to you.
Disclosure laws vary from state to state but, in North Carolina, the areas are easily defined and it’s worth taking the time to avoid liability down the road – even after Closing. Sellers who do not disclose major issues – let’s say an issue with the HVAC system, leaking pipes or mold growing in the basement – could be on the hook for paying to remediate the problems OR wind up in court, sometimes long after closing.
Marketing a home “as is” or representing that you didn’t know about certain problems, doesn’t release you from the responsibility of completing a full and honest Disclosure.
Most buyers will likely hire a home inspector during their home purchase to catch these types of issues but, if you’re aware of major repairs and problems ahead of time, it’s better to be safe than sorry and disclose, disclose, disclose ANYTHING you might know. It will save you time, money and (quite possibly) the entire transaction if you’re upfront with potential buyers.
Here’s a great article from the American Bar Association with more details about the legal responsibilities sellers have in the Disclosure process to buyers.
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com |Seller Disclosures – Disclose, Disclose, Disclose