Residential Property Disclosures

Dated: 10/23/2018

Views: 30

When selling your home, you're obligated, by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. Majority of the forms have a required set of questions that must be answered. 

THE BASICS

Most states require sellers to complete this form when listing for sale. Nearly all of the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, special disclosures, and federal disclosures. All forms vary by state and require different information. 

MATERIAL FACTS

These include the age of the property, it's condition, known problems, and defects. These are all of the information that would influence a buyer's decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don't knowingly hide a major defect. 

MAJOR DEFECTS

All major defects MUST be disclosed. For instance, fire or flood damage. If your home's electrical system isn't up to code, and you're aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well.

Since all states have varying federal and special disclosure laws, it's imperative that you reach out to a local real estate agent to get assistance with the sale of your home. They'll have a copy of the required disclosures and can assist you to ensure you don't find yourself in hot water, legally, if an important disclosure isn't shared with buyers.

Blog author image

Tammy Palladino

Do you believe in coincidences? Because I do and I am very glad you found my page! My name is Tammy Palladino and I am a Maryland native. I am active in my church and numerous organizations throughout....

Latest Blog Posts

Residential Property Disclosures

When selling your home, you're obligated, by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. Majority of

Read More

Eliminating Pet Odors in Your Home

Eliminating bad odors from your home is incredibly important, you want to make sure you've removed them before putting it on the market. Often times, the first thing buyers notice upon entering your

Read More

Home Buying Myths

Although the internet can be a great resource for a variety of information, a lot of that information is incorrect. One of the most important and expensive decisions in your life, home buying, tends

Read More

Simple Sprucing Tips For Your Home

You don't need thousands of dollars to fully refurbish your home to make it feel like new again. Instead, you can DIY a lot of features in your house to help spruce it up for the upcoming season.

Read More