For many people that are considering selling a house, a key concern will be what to do with regards to the disclosure requirements. All sellers are required to disclose specific conditions to all buyers. Sellers that deliberately hide information can be sued, and even convicted for fraud. All home-sellers are obliged to provide these disclosures. We know that the disclosures can seem complex to sellers, which is why we go through the process with them. The role of the real estate agent is to ensure that sellers are correctly obliging with all disclosure requirements. Below, you can find out more about the disclosure requirements that are required when selling a home.
Death in the Home
Some states will require a full disclosure of all deaths in the home, whereas others will exclude those that have died from natural causes. Naturally, buyers can have reservations buying homes that have been the scene of murders or other types of death. This can also have an effect on the home value, which is why it is an important disclosure. Even if it isn’t legally required, providing full disclosure is still the best practice since it signals to the buyer that the seller is honest.
Neighborhood Nuisances
A nuisance is any type of high noise or odor that could directly affect the property occupants. States can differ on what is specifically considered a nuisance, which makes it vital to check.
Hazards
Information that states the home is an increased risk of suffering damage from a natural disaster must be disclosed to the buyer. For certain states, this will include disclosing whether the property is in a flood plain, wetlands, or if there are any earth stability defects.
Repairs
Buyers need to be aware of the full repair history of the home, and any relevant permits must be presented. This information will also be used by the home inspector who will check these repairs, and gauge whether they obey the relevant regulations for the state. Major repairs include those that involve roof/structural issues and those including the foundation. Additionally, electrical repairs and plumbing repairs should be included. As a general guide, any information that an owner would want to know about a home should be disclosed to the seller.
Water Damage
Water damage can be devastating to many parts of the home, which is why all types of water damage must be disclosed. Water damage can destroy possessions, erode the home structure, and cause mold growth which is a huge hazard to health. Any past or present water leaks must be fully disclosed to the buyer. Additionally, previous roof leaks and flood damage must be disclosed. Do not try to hide water leak problems if it is a dry period since this can have serious repercussions.
Disclosures are usually given through a specific form, and a real estate agent can help you fill this in correctly. Selling a home can be a complex process that involves many aspects to consider. Therefore, it is vital to rely on a real estate agent that knows the average home price in Scottsdale and is able to market your home correctly. The disclosure process is hugely important, which means you must choose a real estate agent that knows the process inside and out. We are expert real estate agents that tailor our approach based on the requirements of the client. Our emphasis on building personal relationships means that we can exceed expectations and get a fast sale for the right price. We also have the best knowledge of local disclosure regulations. Synergy Real Estate Partners guide you through the process, and solve any potential issues effectively. Contact us on 480.581.1011.