When selling your home, it is important to be upfront and honest with potential buyers. Doing so can prevent any potential lawsuits or unexpected price negotiations. You don’t have to disclose all information, but when it comes to major problems with your home, it’s the honorable thing to do.
In many states, there are also laws that require a seller to fill out a form disclosing material facts—such as a home condition, legal status or the age of certain components—prior to selling.
So when it comes to disclosing facts about your home, what exactly counts as “pertinent information?” The types of problems or information that qualify as material can range from tax details to damage from mold, mildew or insects; issues with a septic system, a buried oil tank; a leak in the roof or foundation; or information about property boundaries. A seller should also disclose the age of important features that will need maintenance, such as the roof.
While your agent may not be responsible for disclosing material facts about your property to potential buyers, they can be held accountable if they had knowledge of a problem that they failed to make known or tried to hide. Agents are not expected to take on the role of a home inspector. However, an agent should use their best judgment and bring up anything that seems suspicious with both the seller and buyer.
The seller is not obligated to tell a buyer why they are putting their home up for sale. However, failure to disclose a large issue may complicate or delay the sale, frustrating all parties involved.
If there is a problem with your property, it is a good idea to either get it fixed prior to sale or lower your asking price to cover any necessary renovations.
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