Disclosure: It's The Law

When selling your home there is a laundry list of things to be done. From pricing to staging to open houses, there is a lot to prepare for. However, an important piece of selling your home is often one that is overlooked, that is the disclosure of any flaws or defects to potential buyers. Not only is it important, but in many states it is legally required.  

So what exactly are you suppose to disclose? Most states require disclosure of any "material facts", that is anything that may affect the buyer's decision or price offer. Some examples of material facts include the age of property components and systems, leaky roof or cracked foundation and information about developments that might affect the property, such as planned roadways, etc.

Disclosure laws vary from state to state and in some cases you may be legally bound to disclose information about crimes that may have occurred at the property, seismic activity, or notification to buyers about the proximity of a registered sex offender. Check with your Realtor or attorney for disclosure requirements specific to your area.

If you are questioning whether to disclose something, it's usually safest just to do so. A buyer who proves you knowingly withheld material facts about your property can claim damages suffered or demand price concessions. Again, your Realtor or attorney can assist you if you have questions about what to disclosure.

After you have spoken with your Realtor and/or attorney and created a list of disclosures, it is a good idea to put everything down in writing. Most states require the use of special disclosure forms. After reviewing the form, the buyer should acknowledge receipt of the disclosure by signing and dating it at the bottom.

The most important thing to consider when disclosing material facts is that anything questionable will more than likely be questioned. It's a good idea to think about what you would want to know about your new home and use that as a guide for what to disclose to your potential buyers. It's also not a bad idea to remember that there is the potential of legal recourse for anything you fail to disclose and which it's clear you were aware of.  

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington