Why Are Seller's Disclosures so Important?

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Today we are going to talk about seller's disclosures, and what they mean to you as a buyer and a seller.

Seller's disclosures typically consist of 4 pages. The first 3 pages go over everything the seller knows about the property, good or bad, including any history of repairs or improvements. The 4th page (for homes built before 1978) is a lead-based paint disclosure, that you will have to sign whether there is lead-based paint in the home or not.

Now, let's talk about this from two different perspectives. As a seller, it's better to disclose any type of discrepancy in the disclosure, instead of trying to hide it. It will come back to haunt you if you do. Even if something has been fixed and addressed, you still need to disclose that at one time there was something wrong with the home. Things like leaks, mechanical issues, roof, windows, electrical, and pets all need to be disclosed. If you have a question about something, it's better to err on the side of caution to help you out in the long run.

As far as buyers are concerned, you can't always tell if something is wrong with the property simply by looking at it, so you are going to want to look at the disclosure and understand what exactly it's saying. You want to try and figure out how old the appliances are, and if there is anything to concern yourself with. Not to say you won't find something else during the home inspection, but a seller's disclosure gives you a better idea of what kind of work you are dealing with on your new home.

If you have any questions at all regarding disclosures or anything else real estate related, be sure to give us a call or send us an email. We look forward to hearing from you!