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Tell and Sell: Disclosure Details for Beavercreek Sellers
When you're selling your home, you're probably overwhelmed with just how much work goes into it between listing and closing. However, one area that our REALTORS® insist that you shouldn't neglect is your seller disclosure form. There are few things that can scuttle a sale quicker than a missing or inaccurate disclosure form, and failure to disclose everything required by law can come back to haunt you even if you complete the sale.
The Importance Of Full Disclosure
When adding your property to the inventory of Beavercreek homes for sale, you should take the first available opportunity to prepare your disclosure form. Virtually every home has something that must be disclosed to potential buyers. This not only ensures fair negotiation of the price but also provides transparency on the motivations behind the sale. The form protects not only the interests of the buyer but also the seller. The form will need to be signed by the buyer so they will not have grounds to pursue legal action based on any pre-existing condition of the property that is disclosed.
What Must Be Disclosed On The Form?
What you will be required by law to report on the seller disclosure form varies by state, but there are standard disclosures that are common to most jurisdictions. These common disclosures include the following:
- The current condition of structures on the property
- Material compositions of the roof and foundation
- Appliances that come with the home and their condition
- Any environmental hazards on the property
- Damage that has been caused by the elements or natural disasters
- The current conditions of electrical, water, heating, and other utilities
- Any insect or rodent infestations, including those that have been treated recently
The conditions that you need to disclose are by no means restricted to these, and other concerns such as legal action concerning the property or ownership disputes are an example of conditions that can cause problems if you fail to disclose them.
What If I Fail To Disclose Something That I Don't Know?
In a legal sense, it can often be difficult to prove what you do and do not know about your property at the time of sale. Because of this, you should take the earliest possible opportunity to have the property independently inspected. Documentation of this inspection will be a valuable addendum to the seller disclosure form. Failure to disclose a dangerous or economically disadvantageous condition can expose you and your real estate broker to a lawsuit that may seek redress in the form of direct, indirect, and punitive damages. You may be able to coordinate an independent inspection with a motivated buyer, but if you take the initiative, it will be one less thing to worry about when it comes time to close the sale.
If you have any more questions or concerns about your obligation to disclose, our team wants to help. Contact Wright-Patt Realty today for more details or to schedule a consultation with one of our agents in our Beavercreek office.