When selling your home, you’re obligated by law to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form.
THE BASICS
Most states require sellers to complete this form when listing their home for sale. Nearly all of the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, special disclosures, and federal disclosures. All forms vary by state and require different information.
MATERIAL FACTS
These include the age of the property, its condition, known problems, and defects. These are all factors that would influence a buyer’s decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don’t knowingly hide a major defect.
MAJOR DEFECTS
All major defects MUST be disclosed. For instance, fire or flood damage. If your home’s electrical system isn’t up to code, and you’re aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well.
Since all states have varying federal and special disclosure laws, it’s imperative that you reach out to a local real estate agent to get assistance with the sale of your home. They’ll have a copy of the required disclosures and can assist you to ensure you don’t find yourself in hot water, legally, if an important disclosure isn’t shared with buyers.
