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You've finally decided to sell your home of many years, and are seated with your closing agent or attorney with a pile of papers. Tucked inside the closing documents are disclosure forms, which disclose or reveal potential problems concerning your property. Of course, the buyer will want to have a home inspection done prior to closing to learn about any potential issues, but state and federal regulations require you to disclose certain known facts about your home.
These material facts could affect the sale price or even influence a buyer's decision, so naturally you are uncomfortable about being perfectly honest. If a problem is discovered after closing, however, and the buyers believe you knew about it, you might be facing a lawsuit. Generally, you must disclose information within your personal knowledge. If you feel you would want to have the information if you were the buyer, then disclose it.
Here are some typical issues that need to be disclosed about your home.
If your home was built before 1978, it might have lead-based paint. To protect buyers from exposure to lead from paint, dust and even soil, you need to disclose if your home has lead paint. If you know there is, disclose the location of the paint and the condition of painted surfaces. If our home is newer than 1978 you have nothing to worry about.
Mold or Water Damage
If you know the roof leaks or the basement floods each time it rains heavily, disclose it. Any issues with water leaks and other types of dampness or weeping you know about must also be disclosed. If possible provide receipts so buyers understand how you may have addressed the problem.
If mold is an obvious problem you need to tell about it. You are not expected to poke around looking for it, just relate instances where you are aware of mold.
Termite Damage and Insect Infestations
Many home owners are not even aware of termites living in their area, nor do you need to go checking. However, if you home was damaged by termites you should let the buyers know what was damaged and what repairs were made. Better yet, invest in another termite inspection.
If your home sits in an area heavily prone to snakes, spiders, or other creepy infestations, let the buyer know if they haven't already noticed as they tiptoe over the snake jungle.
Death on the Property
Believe it or not, you need to alert your buyer to any known deaths on your property, usually within the last few years. All types of death apply except for those relating to the AIDS virus, which is deemed discriminatory.
On that note, what about ghosts and hauntings? An alleged haunting might make a property more desirable if the buyer is a ghost hunter. Legally you are not required to tell the buyer, but letting them know is the honest thing to do, and it might help you out of a potentially scary lawsuit.
Naturally Occurring Hazards
Some states require you to disclose the potential for wildfires, prevalence for earthquakes, and if the home is located in a flood plain or mudslide area.
Although asbestos has a bad rap, and rightly so, it is only dangerous when tiny particles become airborne. If asbestos products are scratched or moved around this might be an issue. You may have old asbestos floor tiles beneath your carpet and not even know it. Again, disclose asbestos if you are aware of it.
This invisible radioactive gas enters your home if built on or near rock and soil containing uranium deposits. If you are aware of radon in your home or neighborhood, you must tell the buyer. Services like Greene Concrete Cutting Inc can help you further.Share
17 April 2017