Buying a home is a lifetime investment for the buyer. Therefore, it’s important that the buyer should know what defects are related to a house that they’re going to buy. For this, the seller of the home needs to disclose the lists about the problems or defects that are associated with the property and its surrounding. This list which is prepared by the seller is known as the sellers disclosure. This disclosure helps the buyer in knowing about the problematic areas of the home where repairing is needed in advance.
What seller is legally required to include in the disclosure?
When it comes to selling or buying a home, there’s no substitute for the disclosure. To prevent any sort of chaos between the buyer and seller, it’s important that the seller is disclosing everything about the home such as from structural problem to water resources to any sort of recent criminal activity in the house. Let’s have a look at some of the important things that are needed to be disclosed by the seller:
Drainage Related Issues
No buyer wants to have a waterlogged backyard or basement floods. It is the seller’s duty to point out the drainage issue disclosure form if there is any such problem. As a seller, you always need to disclose this thing prior to the buyer no matter whether their problem has been fixed or not.
Structure Related Problem
Another important thing that must be legally included in the disclosure is the issue that is associated with the structure of the home. A minor issue can be repaired or fixed but the major structural problems will create a lot of havoc in the future for the buyer. If you find any major structural issues in the home such as foundation cracks and cracked walls then the buyers must consider taking advice from the real estate experts about purchasing the home.
By law, buyers are needed to be disclosed by the sellers about the pest problem in the home. Whether it’s about rats or pest infestation, it needs to be included in the disclosure. This will help the buyer in knowing more about the pest infestation issues in the home.
Lead Paint Issue
When it is about disclosing the important things to the potential buyers, the lead paint issue must come up front. There’s a law that if the home has been built before 1978 then each party of seller and buyer in a transaction needs to sign the lead paint disclosure. Many sellers think why to include it if the paint has been removed. No matter if lead paint has been removed, you as a seller must include in the disclosure form.
When buying a home, the buyer simply can’t ignore even minor issues. It’s advised to the buyers not to buy the property just because of its appearance or locality. Also, as an honest seller, one needed to disclose the above-mentioned things in the disclosure form accurately so that buyers can come to know about renovations, repairing and upgrades about the home correctly.