Sellers may feel reluctant to reveal any minor problems with their home, afraid they’ll scare off buyers. But here’s a warning for sellers: They may land in legal trouble if they fail to completely fill out the disclosures and disclose any defects that they are aware of.
Lesson for Sellers on Disclosures
“Most sellers think it is in their best interest to disclose as little as possible,” Rick Davis, a real estate attorney in Kansas, told realtor.com®. “I completely disagree with this sentiment. In the vast majority of cases, disclosing the additional information (especially if it is something that was previously repaired), will not cause a buyer to back out or ask for a price reduction.”
Disclosure laws differ from one state to another, and sometimes even on a local level.
“In general, sellers should disclose any known facts about the physical condition of the property, existence of dangerous materials or conditions, lawsuits or pending matters that may affect the value of the property, and any other factors that may influence a buyer’s decision,” according to a recent article at realtor.com®.
This includes disclosing conditions that have already been previously repaired, Davis says. Also, disclose any inspection reports.
“It is much better to lose a buyer by clearly disclosing all known issues than it is to spend two years and tens of thousands of dollars in litigation,” says Adam Buck, a certified real estate specialist with the Frutkin Law Firm in Arizona.
Be confident, sellers won’t be put on the hook for failing to disclose issues that they didn’t know about.
They should be careful not to make any guesses when prompted, particularly when it comes to the measurements of the home – one very common problem area for disclosures.
“Even if you’ve had an appraiser check out your home, you may have no idea how many square feet it truly is because, as it turns out, there’s no single agreed-upon way to measure a home,” the article states. “Three different appraisers can come up with three different measurements.” Don’t make a guess or buyers can come back and accuse you of misleading them.
Nick & Cindy Davis can assist you with selling your home here in the Tampa Bay and Surrounding areas. We have assisted hundreds of families sell their homes and even purchase their new ones. If you are considering selling your home, give us a call at 813-300-7116 or simply click here and we will get started working for you.
