Residential Property Disclosures
When selling your home, you're
obligated, by law, to disclose certain information about your property.
Most states require that all sellers complete
a written property disclosure form. Majority of the forms have a required set of questions
that must be answered.
THE BASICS
Most states require sellers to
complete this form when listing for sale. Nearly all of the questions are a basic
yes/no/unknown response. The questions will address material facts, major
defects, special disclosures, and federal disclosures. All forms vary by state
and require different information.
MATERIAL FACTS
These include the age of the
property, it's condition, known problems, and defects. These are all of the
information that would influence a buyer's decision to purchase your home.
These disclosures require you to address known defects, things that are
reasonably apparent, to ensure you don't knowingly hide a major defect.
MAJOR DEFECTS
All major defects MUST be
disclosed. For instance, fire or flood damage. If your home's electrical system
isn't up to code, and you're aware of this, it must be shared with potential
buyers. Repairs you have completed, as well as improvements and upgrades,
should be noted as well.
Since all states have varying
federal and special disclosure laws, it's imperative that you reach out to a
local real estate agent or in the Illinois Tri-State Area I’m happy to assist
you to get assistance with the sale of your home. I will have a copy of the
required disclosures and can assist you to ensure you don't find yourself in
hot water, legally, if an important disclosure isn't shared with buyers.
If you have any questions with any forms or questions about how to get started selling your home please reach out and I am happy to happy with any questions you have.
