CHAPTER 19 What Has to Be Disclosed When Selling a Home
It’s important to know that you can’t polish out every imperfection in your home. Some problems cannot and should not be taken away by a little bit of elbow grease. Many states now require the seller of a property to offer written disclosures about any unseen physical or socioeconomic problems affecting the property and the neighborhood. Once you have a potential buyer, you are obligated to disclose any major problems that might affect the property’s value. It seems counterproductive to tell a potential buyer things that are wrong with your home, especially so close to the sale, but this transparency will create a stronger, more trustworthy relationship with the buyer. It also will keep you out of potential litigation or, in some serious cases, criminal charges in the future. Disclosing negative items actually helps you sell your home. This might sound crazy, but I have a story that backs this up. A friend of mine was selling a truck that was about 20 years old. He showed it to prospective buyer. The truck was in good shape for a vehicle with 200,000 miles on it, but it had 119
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