Full Disclosure and Your Summit NJ Real Estate Property

By
Real Estate Agent with Kristin Balsley

If you're ready to sell your Summit NJ real estate property, you may have heard the term "full disclosure" bantered about. It's an important one for nearly any seller. Essentially, full disclosure is your responsibility to let the buyer know about anything that might affect the price of the home in the future. While state laws vary, virtually every state requires some disclosure. It's important to note that some states require disclosures to be made in writing and others only require you to let the buyer know verbally about any problems that may change the future price of the home. Federal law plays into the full disclosure world too. Most harmful substances in homes built prior to the 1970's have to be disclosed to potential buyers.

A Few Examples

Lead: This substance can be in paint or pipes in older homes, but it can cause serious organ failure.  Federal law does require that you let buyers know about lead paint in the home, but it does not require that the home be inspected for them.

Asbestos: This substance can be found in insulation, shingles, siding, flooring, and even textured paint. It can cause lung problems as well as a rare form of cancer. In most cases, you not only have to disclose the presence of asbestos in your home, you will also have to pay for removal.

Radon: Found in basements, sump pumps, wells, or pipe cracks, radon can cause lung cancer. If you have had a radon test done in your home, the law requires that you disclose the results, but should you have a radon problem, it is typically a simple fix. Be sure, though, to hire an EPA-certified contractor to handle the job for you.

Carbon Monoxide: This gas is primarily found in furnace units and stoves, but it can kill the residents of a home in a hurry. It is easy to have stoves and furnace units inspected for leaks, and it's a good idea to install carbon monoxide detectors before you sell your home.

Formaldehyde: Primarily found in glue, pain, and some types of insulation, formaldehyde can cause some breathing difficulties. It isn't required by most laws that you disclose formaldehyde, but it is a good idea.

 

Will This Hurt My Sale Chances?

If you do have harmful materials in your home, there's always the possibility that it could damage the chance that you get the asking price for your home. At the same time, though, something that would really concern you in a home may not concern another buyer. Talk carefully with your Summit NJ real estate agent about what must be disclosed and how it may affect your chances of a sale.

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