Jeff Adams Real Estate seminar State and central laws are strict in requires sellers to tell what they know about the condition of their homes that isn't clear or discernable to potential buyers. Buyers can't see after walls or under houses, so they rely on truthful details from the seller about the operation, and systems of the home.
When you sell your home, your real estate agent will present you with a federal disclosure form called a Real Estate Disclosure Statement, Property Condition Disclosure, or Condition Report. You are necessary to disclose the presence of lead paint, radon, asbestos and other toxic products if you know your house has them.
While the forms may ask you to disclose whether or not you know there is lead paint or radon present, you aren't required to do tests to determine the presence of toxic chemicals.
It's significant to answer all questions as honestly as you can. You must answer the questions yourself - your real estate professional cannot fill out the revelation for you, but he or she can help you understand what is being asked of you.
The best way to feel sure about the condition of your home is to have it inspect by a licensed expert home inspector. Your real estate specialized can recommend someone or provide you with a list. For a few hundred dollars and a few hours of your time, you all either find that your home is market-ready, will bring a problem to your attention that you can fix.
When you disclose a problem to the buyer that has before been fixed, be sure to provide a copy of work orders, receipts and invoices. If the problem has not been fixed, expect the buyer to either ask you to fix it, or to offer a little less for the home.
Remember, the more that's left unrepaired, the more the buyer discount the offer, if he makes one at all. Homes in the best condition sell the best.
The seller's disclosure is designed to do one thing hold you and your real estate agent safe if you have disclosed the truth about your home. You do not want to give the buyer any room for complaint or litigation after the closing.
It's not destined to be a deal-killer, but a deal-maker. Many agents provide a copy of the disclosure to concerned buyers, so they can get an idea of the home's condition before they make an offer or have an inspection.
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