I HAVE A LEAK IN MY ROOF SHOULD I DISCLOSE???
YES...YES...AND YES! YOU MUST DISCLOSE!!!
When the time comes to sell your home, you will be asked to fill out a disclosure statement that will list
"material facts" about problems you are aware of regarding the condition and history of your home.
Both federal and state laws govern what must be disclosed during a property sale and as the
homeowner you must be the person to complete these disclosure forms. By law your real estate agent
cannot complete these forms for you. Sometimes, homeowners are told varying policies regarding
disclosures.
The general rule of thumb is that you must disclose anything that would:
• lower the perceived value of the property
• affect the buyer's decision to purchase
• change the price and/or terms the buyer offers
Common disclosures include information about any natural hazards, fire hazards, pollution problems or
zoning changes that affect you property. If you feel like you don't properly understand the disclosure
requirements, you should consult a real estate attorney who knows the local disclosure laws.
As you fill out these forms just remember, you should strive to answer all of the questions to the best of
your ability. Don't sweat the small stuff, but make sure you disclose everything that you'd want disclosed
to you if you were the buyer.
WHAT IS A LEAD PAINT DISCLOSURE???????
Lead Paint Disclosure – A Federal Law
You may think that lead paint is only a problem for folks buying cheap goods imported from China, or
for people living in ancient, dilapidated housing. Not so. As recently as 1977, lead paint was used in
homes across the United States.
In order to protect Americans from lead poisoning in the paint, dust and soil in their homes, Congress
passed the Residential Lead-Based Paint Hazard Reduction Act of 1992, also known as Title X. If your
home was built before 1978, you are required to disclose if you know of any lead-based paint hazards on
your property. You must also provide a 10-day period, if not waived by the homebuyer, to conduct a
paint inspection or risk assessment for lead based paint hazards.
The home sale contract between you and your buyer will include an attachment regarding the lead-
based paint hazards if any exist, and the buyers will be provided with the appropriate EPA-approved
information pamphlets on lead-based paint hazards
DISCLOSURE OF INFAMOUS PAST
Even a home's notorious past must be disclosed. One New York case many years ago involved a home that reportedly was haunted and was the subject of many articles and tours. When that ghoulish past wasn't disclosed to the new buyer, the seller was successfully sued for nondisclosure, because that notoriety was likely to diminish its resale value.
The same holds true for a home's criminal past. Some states require disclosure of murders on the property, others do not. But since these horrific events tend to lower the value of a property, most real-estate agents choose to disclose them rather than risk legal action.
Most importantly when it comes to disclosures for buyers to remember is if there's a question in your mind about whether or not you should disclose something, you probably should!!!
Need a positive, helpful partner for buying and or selling your home???
HIRE ME- YOUR NEIGHBORHOOD EXPERT
- Trusted resource for answers about the process
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COMMUNITY INFORMATION
Understand the difference between "listing prices" (what sellers are asking for) and "sold prices" (what buyers are willing to pay).
By comparing these price trends, you'll have a good idea of where the market is heading. The median listing and sold property prices are calculated based on the market activity each month.
Some sales are not immediately available from public records. As they become available, the data are updated.
THANK YOU FOR VISITING!!!
Information provided courtesy of Holli Washington-Keller Williams Realty
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