Residential Property Disclosures

Dated: 11/20/2018

Views: 75

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 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

Ashley Harn

Ashley is a third generation Florida Native, known for her positive and joyous personality. She started her career in real estate in 2010 transitioning into residential real estate with Nix & Associat....

Latest Blog Posts

SPRING TRAINING SOUTHWEST FLORIDA STYLE!

               This is one of Southwest Florida’s favorite times of the year! The “boys of summer” are

Read More

Top 5 Home Staging Props

Top 5 Home Staging Props1. ORCHIDS & HIGH QUALITY FLORALSOrchids are an incredibly versatile prop. They are beautiful, elegant and add class into any interior, regardless of the style of home.

Read More

Subway Tile

Tile is beautiful, it's timeless, and best of all, it gives you a lot of bang for your buck. Subway tile is an affordable option for kitchens, so you can keep costs low and achieve a stunning.

Read More

Evoke strong memories

A cluttered, overaccessorized living room can look messy and disorganized. Pare down your collection and only retain pieces that have sentimental value or evoke strong.

Read More