Disclose, Disclose, Disclose

Disclose, Disclose, Disclose  

It's Monday night and I'm setting up tours for the week, perusing the data base and checking disclosures for properties of interest. I'm amazed at the way some of them are filled out, particularly disclosures for properties I've toured where the Seller is most definitely aware of defects, yet they're not disclosed. I know they're aware because we noted things in feedback!

That document is one of the most important documents in the transaction, perhaps second only to the contract itself... at least here in Delaware. It's your "Get Out of Jail FREE" card. It's what will let you finish the sale and rest easier.

If you know your basement occasionally gets wet or even damp, disclose it. The last thing you want is for the buyer to move into the house and get to talking with the neighbor (which you know they will). "Oh, the basement? Why sure they knew it got wet. Why every time it rained, we had a bucket party at their house... removing the water in the  basement, bucket by bucket."

Or the things in the house you're not sure about... if you're not sure, mark the disclosure as "unknown" not as "no." Does it have asbestos? If you don't know, it's not a "No" it's "Unknown." And if that electric service line has a housing that's frayed enough that you can signal in morse code using a mirror to reflect the shine off the now revealed metal wires inside, you just might want to disclose that to a potential buyer.

Upgrades made to the house? Work done with a permit? Are you sure?

Sellers... inform the buyers and protect yourselves. It's all in the disclosure.