When listing properties, sellers and their agents have a legal obligation to provide everything known about a residence. The majority of lawsuits pertain to buyers knowing that a seller purposely neglected to disclose details. Below are details on required seller disclosure for St Augustine FL real estate.
The Requirement to Disclose
Disclosing all facts is vital. In minor cases, failure to disclose facts about a home may merely lead to a buyer spending more on repairs. In more dramatic cases, it may cause bodily injury of the new homeowners. There was one instance where a heating system malfunction led to the death of the home buyers and to the seller getting jail time for involuntary manslaughter. Sellers may worry that disclosing certain information effects whether a property sells or the selling price, but hiding issues can have much worse consequences with lawsuits and possible jail time.
Disclosure Forms
Sellers can use designated forms for reporting information on a home. It can also be detailed in contracts. Detailing all issues, even repaired items, is the safest way to sell homes. Buyers are likely to discover the problems anyway during inspection, after they move in, or from neighbors. Furthermore, buyers commonly negotiate fixes more aggressively during inspection than if known before making an offer. To help facilitate disclosure, maintain documentation on receipts from purchases or contract work.
Details On Required Seller Disclosure For St Augustine FL Real Estate
Being honest about issues in a home ensures a smoother sale and prevents lawsuits after closing. Sellers need not offer personal information such as the motivation to sell, but must tell everything in their knowledge base about a home itself. This article with details on required seller disclosure for St Augustine FL real estate was written by Marjorie Taylor at VIP Staging and is intended as an introduction. For additional advice on selling a property, contact your local REALTOR.
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