sales price. The buyer can use the savings to get the work done themselves. Some eager buyers may even look the other way on a minor issue that will not affect their quality of living, in order to get a deal done as soon as possible. You and the prospective buyer will have a healthier and more productive negotiation when all the cards are laid out on the table.
HOW TO DISCLOSE
Once you’ve figured all that must be disclosed to your prospective homebuyer, you need to figure out the right way to divulge the information. There are specific forms in many states that use prompting questions and fill-ins so that it’s easy to complete and understand the reports of problems with your home. You must sign and date these forms to authenticate your disclosures. The buyer also must sign and date the forms. Even if your state does not mandate a form, it’s important to get a receipt or legally approved document signed by the buyer, confirming they have agreed with and have knowledge of all relevant disclosures. You’ll have peace of mind, knowing you made a sale that both sides feel good about and that nothing will come back to haunt you.
POINTS TO REMEMBER
• When selling, you’re obligated to disclose any problems that could affect property value. • Your willing disclosure can facilitate a sale. • Check your state and local regulations for disclosure requirements and forms. 109
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