6 Disclosures Home Sellers Must Make

When selling a home, a seller is legally obligated to disclose certain information in a written document. This document typically needs to include details about a property’s condition, which might affect the property’s value. Even if a property is being sold as-is, the seller has to provide this disclosure document. If the seller intentionally conceals information in the disclosure document, they are liable to be sued and even convicted. But if it’s your first time buying a home, the question is: which disclosures are an absolute must? Today, we hope to help you answer that question, and to this end, we put together a list of 6 disclosures home sellers must make in the disclosure document.

1. The home’s repair history

The first disclosures home sellers must make is the home’s entire repair history. What was repaired, when, and why are details which need to be included? This is done so that home inspectors can pay extra attention to these areas of the home. So, ensure to include all structural, roof, plumbing, and electric repairs done in the house. A good guideline is to disclose any information you want to know if you buy a home. And when it comes to repairs, remember the things you shouldn’t fix when selling a property. After all, the goal is to get as much profit as possible when selling your home. However, certain repairs take much more time and effort than they are worth, so avoiding them is best.

2. Possible hazards

The information must be disclosed whether there is some hazardous material inside the home or if the house is at risk from natural disasters. Hazardous or toxic waste, asbestos, radon gas, lead-based paint, and so on all have to be included in the document. The clean-up of these materials can be costly, which is why they need to be included. Additionally, if the home is at risk of being hit by an earthquake, hurricane, or any similar natural disaster, this must also be in the document. And if you’re considering buying and selling a home simultaneously, experts from AmeriSafe Moving Services note that you should plan your move well ahead of time. Timing the simultaneous buying and selling of properties is difficult, so you should be ready to move out quickly.

3. Previous or current water damage

One of the most critical disclosures home sellers must make is about water damage. As every homeowner should know, water damage is one of the most expensive things to repair. Also, water damage can cause mold infestations and damage the building’s structural integrity. Additionally, water damage can be difficult to spot during a home walkthrough. With all of this in mind, it makes sense why sellers must disclose information about any current or past leaks or water damage. The amount of details required varies from state to state, so you will likely have to research independently. And if you’re buying a home, familiarize yourself with home insurance and how it works. Home insurance is critical, and you shouldn’t ignore it.

4. HOA information

Homeowners’ associations can impose monthly fees on homeowners, and because of that, you need to disclose any relevant HOA information in the disclosure document. Besides fees, HOAs can also impose rules which might affect what you can do with your home. As such, these HOA rules and regulations can often be deal breakers for buyers. This is another reason why you’re obligated to disclose relevant HOA information to sellers. Make sure to be as detailed as possible with the rules and regulations cause the smallest mistake can leave you liable to be sued. And if you’re the one buying a home, remember to make a good plan for the move. If you’re hiring professionals to help, make sure to make it easier for them where you can. If you prepare your home properly for the move, the chances something will go wrong on a moving day are minimal.

5. Neighborhood nuisances

If there are any nuisances in the neighborhood, such as loud noises or bad odors from outside the property, you need to disclose them. While these don’t seem too important at first, they can very easily irritate the occupants. So, if the property is close to a farm, airport, shooting range, or other industrial, commercial, or military nuisances, the seller needs to disclose this information. These sorts of annoyances can make or break a buyer’s decision, which is why they’re required. And if you’re trying to sell your property, remember to think about everything that can hurt your property value. After all, you’ll want to make sure you get as much profit out of the sale as possible, so dealing with these issues is recommended.

6. Deaths in the home

Some buyers might have concerns or superstitions related to buying a home in which someone died. Because of this, another thing sellers are required to disclose are deaths in the home. Depending on the state, the seller might not be required to report deaths of natural causes, accidents, or suicides. However, deaths due to the condition of the home or violent crime are always a requirement. The exact rules vary state by state, so we encourage you to do some research and confirm the exact details of the state where you’re trying to sell your home.

6 disclosures home sellers must make – wrap upWhen going through the sale of a property, the seller always has to disclose certain information about the property. This includes simple things such as annoyances in the neighborhood or something as potentially complicated as the home’s repair history. Either way, while the broad strokes are universal across the US, the exact details often vary from state to state. As such, while this list is a decent guideline, doing some research on your own will be required. We hope this list of 6 disclosures home sellers must make was informative, and we wish you a good day.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

Get Your Offer Now

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *

Call Us!