As you begin the process of listing your home and buying a new place, one thing you will need to think about is the current condition of both houses. On both their buyer and seller sides, home disclosures will come into play. Here’s what you need to know about seller home disclosures.
What to Know About Seller Home Disclosures
A home is lived in and it steadily ages. As this happens, parts of it wear out, break, fail, and need attention – it’s inevitable. Seller disclosures are what will need to be declared to the buyers when issues are present or have been in the past that affect the structure, integrity, or condition of the house or property. Seller home disclosures give the buyer more clarity into a home they are interested in.
What is in a Seller’s Disclosure?
A seller’s disclosure is actually a legal document included as part of the selling and buying paperwork. It will be where a home seller lists any known defects, significant past repairs, and significant facts about a property’s condition.
As a home seller, you will need to fill this out to the best of your ability. And, as a buyer, you will be presented with this form to review. It’s important to take the time to analyze this list. Speak with your real estate agent about anything that is listed. Your mortgage professional might be concerned about anything that is documented as well.
Some of the top disclosures that should be indicated in the condition of the home and property:
- Foundation concerns
- Roof leaks that were repaired
- Issues with plumbing or electrical systems
- Past floods or water damage
- Asbestos presence that is known or removal
- Termite problems and repairs
- Pending lawsuits about the property or with neighbors
- Boundary or easement problems
Is a Seller’s Property Disclosure Required?
Yes, a property disclosure is a required part of a home seller’s documents. It is designed to prevent surprises for the buyer after the purchase. It also confirms the buyer is purchasing a home, knowing any recent issues exist or have been repaired in the past.
If any of the issues noted on the disclosure forms concern a buyer, they can certainly request more information, discuss options with their real estate agent and contractors, and even negotiate a price reduction in the cost of the home. Understanding these details is immensely helpful when making a decision to purchase a particular house.
What Happens When Someone Lies on a Seller’s Disclosure?
While a thorough review can help prevent unpleasant shocks and expenses in the future, some things that pop up after a home sale are certainly not often known before the house sale. Sometimes things do happen shortly after purchase without the home seller’s prior awareness.
This is why a home inspection is helpful and vital to understanding the home you are buying. And, when selling a home, some people will get an inspection prior to listing so they can understand any issues that currently exist, and repair them ahead of time, and to avoid issues with home buyers once under contract.
Doing your homework and due diligence as a home buyer is extremely important; do not just presume the other party knows everything about the home they are selling. Review the paperwork, the home itself, and ask questions about the property to get a thorough picture of the home’s condition. Also remember that no home is issue free. But it can be well taken care of and maintained adequately to present it as a good, solid house.
Working with an Experienced Memphis Area Real Estate Agent
When it’s time to sell your existing home or buy a great new place, turn to a highly regarded and well-informed local real estate agent. You want someone who you can trust to give you the best advice and know-how for your new home purchase or sale. Check out my other great real estate articles to help you through your home selling and buying experience here in Memphis. Staging homes for sale is also part of my expertise. Please ask me about it when you reach out.
Take a minute to learn more about me. With over 20 years of top-notch service for my clients, I can guide you with your house sale, new home purchase, or buying a great parcel of land. As a top, licensed real estate agent in the Memphis area, showing you the best properties for you and your family is my goal!
Contact me at (901) 828-8919 or drop me a quick note at angie@angiekelley.com, and we can speak in person about your plans and options.
