Learn about the Seller’s Disclosure
When you sell your home, your Realtor will provide you with a number of forms. One of these is the Sellers Disclosure.
The purpose of the disclosure is to tell the buyer what you know about the property. After all, an inspector can only do so much. The inspector cannot remove sheet rock to see what is inside a wall, not can the inspector dig a hole to inspect the foundation.
The Sellers Disclosure asks numerous questions of the homeowner. Your Realtor cannot fill this form out, as your Realtor has never lived here. The questions will be about the age of the roof and exterior of the building. Also the age and condition of the electrical and plumbing systems, the HVAC systems and more. It will ask about any environmental conditions, such as radon gas or possible oil tank leaks. Also whether the seller is aware of any toxic materials that may exist, such as asbestos or lead paint. To learn more about conditions such as these, read other blog posts.
On the questions you can answer yes, no or don’t know. An example of why you would answer don’t know is if the furnace was in the home when you purchase, and you do not know when it was installed. Don’t guess.
Be sure to answer all questions to the best of your knowledge, since this is a legal document. Once the buyer is made aware of any issues with the home before they purchase, they have no legal right to address the issues after the closing.
If major repairs have been done to the property, try to have copies of the receipts available to show the buyers that the work was done.
To see a copy of the Sellers Disclosure, or if you have further questions, Contact us.
Are you ready to either buy or sell a home? Contact us.
Art Reiman – Realtor 732-598-7700