Seller Disclosure.  We’ve all heard the old cliche’, “what you don’t know won’t hurt you”, but please don’t buy into that old adage when it comes to real estate.

It is the seller’s obligation to fully disclose all facts about their property that could materially affect the sales price or influence the buyers decision to buy.  (As a matter of fact, we encourage our clients to provide any previous home inspection reports to the buyer, if they are available.)

What is a Disclosure Form?  (Our MLS customer’s are provided with all required sales forms free of charge.  If you don’t have a Seller Disclosure Form, CLICK HERE, for a Free One.

The seller is required to provide the buyer a property disclosure form before a contract is accepted.  The form should include all details about defects or problems with the property that the seller is aware of.

For example, a buyer has the right to know if the home has flooded in the past, before they buy.  If the roof leaks or the home has had pest or termite problems in the past, the buyer needs to know.  The same goes for previous fires or other damage to the foundation or structure.

In addition to state disclosure laws, Federal law requires that anyone selling a home built before 1978 must include a lead based paint disclosure.

Seller’s should be aware that intentionally withholding information about a property is a serious matter.   Most post-sale disputes and lawsuits about property center around seller disclosure and property defects.  

Property Condition Disclosure shouldn’t be something seller’s fear.  They protect both parties from expensive and lengthy litigation, in the event that anything goes wrong with the home after the purchase.  When you reveal everything you know about the home upfront, you nearly eliminate your chances of winding up in the court house.

Thank you for visiting Why 6 Percent.   We can list for sale by owner property on the MLS for $399, and all the legal paperwork is included.  Why pay 6 percent?