The Importance Of The Seller Disclosure
If you are thinking about selling your home, you should prepare yourself for two things: tons of cleaning and lots of paperwork! The cleaning part is pretty straightforward, but what about the paperwork? Where do you begin? A good starting place is to find an experienced real estate agent, who can help you with the seller disclosure. The seller disclosure form is an important legal document that advises buyers of potential issues in your home.
What is a Seller Disclosure Form?
A seller disclosure is an important legal form that details all the potential problems concerning your home and protects buyers from purchasing a home with undisclosed issues. It is also important in protecting the seller from potential lawsuits. If you fail to disclose an issue that you know about and it later becomes a problem for the new owner, the buyer has the right to sue you for the price of repairs or more.
Buyers must receive a copy of the seller disclosure while viewing the home or prior to the acceptance of an offer. The buyer will review the disclosure with their real estate agent and/or their home inspector to see if any of the disclosed issues warrant reconsideration of an offer or the deal. Issues that are of serious concern may cause a deal to fall through.
What Do I Disclose?
The issues that must be disclosed are determined by your state law. These are a few, but not all, of the common concerns that are listed on a seller disclosure:
- Issues with Mold
- Roof or Window Leaks
- Faulty Windows
- Issues with Doors
- Cracks in the Foundation
- Broken or Nonfunctional Appliances
- Issues with the Heating or Air Conditioning
- Improvements or Additions That Haven’t Been Licensed or Approved
- Water Damage (includes damage that has been repaired)
- Lead Paint
Your agent is a great resource to answer questions about the form and help complete a seller disclosure.
If you are have questions about real estate or are thinking about selling in Carmel, Indiana or the surrounding areas, The Keith Albrecht Team would be happy to assist. Call us at 317-580-9955 or visit us at https://keithshomes.com