Date Posted: 2012-05-28 01:11:47
Site Posted: Myproperty.ph
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When offering a house for sale, a seller might be tempted not to mention some things about the house that can turn off a buyer. However, this can lead to you losing a buyer if they find out anyway during an inspection before buying. What’s worse is that if they decide to purchase your property and they find problems that you ‘forgot’ to mention, it could result to a lawsuit. Here are some disclosures that you should make when you are trying to sell your home.
1. Termite infestation – If your house has been treated for termites before, especially more than once, this should be made known right away. Termites can decrease the value of a home, so you don’t want to be accused of trying to sell your home for more than it’s worth. Get a professional to inspect your home for termites so that buyers know that you are being honest about the condition of the home.
2. Lead-based paint – Houses that were built before 1978 used lead paint in various parts of the property. If your home is this old, you need to get it checked for lead, and you have to make this disclosure with the buyer. Lead is toxic when accidentally inhaled or ingested, and this is not something that you want to unknowingly pass on to another family.
3. Issues with natural disasters – If your home is located in an area that is prone to floods, you need to let the buyer know. Same goes for houses situated near or along fault lines as these areas are susceptible to earthquakes. Aside from giving buyers a warning about what they should prepare for should they buy the house, this will also let them know if they might experience difficulty in getting home insurance because of these factors.
4. House repairs - This may seem confusing, but if you have made any repairs to fix problems in the house, you still need to declare them. Buyers need to be assured that any fixes done to the house were done well, and that they actually fixed the issue. For instance, if the house has been repaired for water damage, you have to tell the buyer. Water damage can weaken a house’s foundation and can also result to mold, so the buyer should know if the house has sustained these other issues, and if steps were taken to fix them.
Disclosure is essential if you want to start things right with a buyer. By letting them know immediately if the house has had issues in the past, you are not only gaining a buyer’s trust, but you are also avoiding legal action that can result from failure to provide full disclosure about your home.
Jillian Cariola, Writer
(cover image by spekulator)
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