Seller's Disclosure: How Important are They?
As a homeowner, have you ever heard of a seller’s disclosure document? This is a VERY IMPORTANT 6-7 page document that every seller is expected to truthfully fill out regarding the condition of their home or any and all things that should be disclosed to the buyer since you’ve owned the home.
The Importance of a Seller's Disclosure
In addition to a home inspection, buyer’s agents rely heavily on seller’s disclosures. Things like mold are a big deal and greatly affect personal safety and home value. If a seller’s disclosure fails to accurately report the condition of the home, say like a case of mold in the basement, the seller could face a lawsuit or other liability issues even if you truly didn’t know there was an issue/condition that needs to be resolved.
That’s why it’s always best to get a home inspection prior to selling. Buyers generally get home inspections to ensure the home is actually in the same condition as disclosed on the seller’s disclosure. Play it safe and do a home inspection so there’s no hidden surprises that could cause conflict in your transaction.
If you identify issues with your home, it’s very important to be forthright and transparent about anything and everything you know so the buyer has peace-of-mind and they have the ability to then look further into the issue. These issues might cause a buyer to walk, but that’s still better than having the wrong buyer buy your house and sue you afterwards.
Full transparency on seller’s disclosures is important because that’s the right thing to do and can save you a lot of money down the road.
Home Warranty
We highly recommend to all of our buyers to purchase a home warranty when acquiring a new home. Also, we highly recommend to our sellers to agree to pay for a home warranty for buyers’ peace-of-mind.
