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What to disclose to prospective buyers when selling your home

On behalf of Lang Law Office posted in Residential Real Estate on Thursday, September 07, 2017.

In every state in the country, there are certain requirements that a seller must meet before he or she can transfer his or her home to a new owner. While disclosing certain defects your property may have can ultimately affect the price you’re able to sell your home for, both the legal and financial ramifications of not doing so far outweigh the benefits that can be derived from doing that.

Among the many different disclosures you’ll want to make about your property, some of the more important ones have to do with some of the home’s major systems. These include such ones as the cooling or heating, sewage or plumbing and electrical systems.

Other issues to address are foundation or structural issues. These include such flaws as known problems with the home’s roofing, such as leaks or damaged eaves, and cracks to or an unstable foundation.

If you’re aware of any flooding or drainage issues, such as water leaking into the basement when it rains, then it’s important to disclose that as well. The same goes for any known damage caused by pets or infestations, caused by either insects and vermin.

Although not directly related to the home’s structure itself, it’s also prudent to inform prospective buyers of any lingering disputes with neighbors or homeowner’s associations. If you’ve fought with them about making modifications to the home’s exterior or over property lines, then you may want to disclose that to them.

It’s also prudent to disclose any pending or past financial matters that may have involved the property, such as a bankruptcy. You may also want to share details about incidents in which in liens were placed on the property, even if it was in the distant past.

In an instance in which you’re unsure as to the overall health of the home, you may benefit from having a pre-sale inspector evaluate your home on your behalf. It’s also important to disclose even the smallest of issues to ensure that your buyer can make an informed purchase decision.

If you’ve been threatened with a lawsuit for not having been upfront in sharing what you knew about your home before selling it, then a Minneapolis, Minnesota, residential real estate attorney may be able to help.

Source: Edina Realty, “What to disclose as a home seller,” accessed Sep. 07, 2017