property that has bothered you and that you know will bother the new residents. Be sure to read the instructions and ask your attorney if you have questions. However, you can’t be cavalier about the unknown issues. In some scenarios, turning a blind eye could get you in hot water. Depending on the state in which you’re selling your house, you could be held responsible for not discovering unknown potential problems. Educate yourself about the specific disclosures your state requires. To get an idea of what you might be up against, let’s look at the regulations in Iowa.
COMMON DISCLOSURE REQUIREMENTS: OSURE REQUIREMENTS:
• Any significant defects regarding walls, ceilings, floors, roofs, windows, doors, foundation, fences, driveways, plumbing, HVAC and electrical systems. • "Major" Structural Remodeling • Sewer or Septic Issues • Use of hazardous substances on property. • Zoning issues. • Any features on property shared with neighbors. • Damage to property from fire, earthquake, floods, or landslides. • Pest Infestations
WHAT YOUR STATE EXPECTS
Many states have strict disclosure regulations. Check with your state department of real estate. They can get you all the forms and checklists you need to make sure you comply with your state’s requirements.
108
Powered by FlippingBook