Selling a house can be a stressful process, especially if you are not familiar with the legal requirements that come with it. One of the most important requirements is providing disclosures to potential buyers. Disclosures are documents that disclose any known defects or issues with the property that the seller is aware of. Providing these disclosures is not only mandatory but can also protect you from potential legal issues down the line. In this blog post, we’ll discuss what you need to know about providing disclosures when selling your house in Rome.
What Are Disclosures?
Disclosures are documents that provide information about the condition of the property being sold. They are required by law in most states, including Rome, and are meant to protect buyers from any hidden or unknown defects with the property. Disclosures are typically provided by the seller and include information about any known issues with the property, such as water damage, structural problems, or pest infestations.
Disclosures come in many shapes and sizes. Real estate brokerages have independent disclosure forms you may need to sign in addition to disclosures on your home. Furthermore, every state and independent MLS baord within, may have even more disclosures! I know, it seems a bit much, but in this day and age it pays to protect yourself. We do this by providing discourses.
Why Are Disclosures Important?
Disclosures are important because they provide buyers with information about any known issues with the property before they make an offer. This information can help buyers make an informed decision about whether to proceed with the purchase or not. Failure to provide disclosures can result in legal action against the seller if the buyer discovers any issues with the property after the sale has been completed.
Here in the State of New York, there are often three attorneys presiding over a real estate transaction. One for the buyer, one for the seller, and another for the bank. The bank and buyer sometimes share an attorney. The point is that there are eyes on everything, from every angle. Disclosure becomes even more important.
What Information Needs to Be Disclosed?
In Rome, sellers are required to provide disclosures about any known issues with the property. This includes issues such as:
1. Water damage or leaks
2. Structural problems
3. Pest infestations
4. Mold or mildew
5. Lead-based paint
6. Asbestos
7. Faulty electrical or plumbing systems
8. Roof damage or leaks
9. Foundation issues
10. Environmental hazards
It is important to note that sellers are only required to disclose issues that they are aware of. If you are unsure about a particular issue, it is best to disclose it to the buyer to avoid any potential legal issues down the line.
Homeowners are not expected to be experts on their homes. For almost every question on the property condition disclosure there is a box marked, “unknown.” This box is checked often. If you don’t know, you don’t know!
When Should Disclosures Be Provided?
Disclosures should be provided as early as possible in the selling process. In Rome, sellers are required to provide disclosures within a certain timeframe, typically within five business days of accepting an offer. However, it is a good practice to provide disclosures as soon as possible to avoid any delays in the selling process.
A majority of homes listed on the Multiple Listing Service (MLS) have disclosures already filled out. This allows time, generally speaking, for the buyer to review some of the important disclosures prior to even putting in an offer. This can help determine better price points for a purchase offer.
How Should Disclosures Be Provided?
Disclosures can be provided in a variety of ways, including:
1. Written disclosures: This is the most common method of providing disclosures. Sellers are required to provide a written disclosure statement that outlines any known issues with the property.
2. Verbal disclosures: Verbal disclosures can be made in addition to written disclosures, but they should never replace written disclosures.
3. Inspection reports: If the seller has had a recent inspection done on the property, they can provide the inspection report to the buyer as part of their disclosures.
It is important to note that disclosures should be provided in a clear and concise manner. Disclosures that are difficult to understand or incomplete can lead to legal issues down the line.
What Happens if You Fail to Provide Disclosures?
Failure to provide disclosures can result in legal action against the seller. If a buyer discovers any issues with the property after the sale has been completed, they may be able to sue the seller for damages. This can include the cost of repairs or even the full purchase price of the property.
In addition to legal action, failure to provide disclosures can also result in negative reviews and damage to your reputation as a seller. It is always best to provide full and complete disclosures to buyers to avoid any potential issues down the line.
For some, it will be impossible to make the argument of morality when it comes to providing disclosures. This is an unfortunate flaw of humans. Just know that when it comes to disclosing material defects within your home, these defects will show in time. It is not a matter of if, but when.
Providing disclosures is an important part of the selling process in Rome. Disclosures help protect buyers from hidden or unknown defects with the property and can also protect sellers from potential legal issues down the line. If you are selling a house in Rome, it is important to understand the disclosure requirements and to provide full and complete disclosures to potential buyers. This will ensure a smooth and stress-free selling process and can help you avoid any potential legal issues down the line. Do you have questions about providing disclosures when selling a house in Rome? Reach out to Homes By Cameron to get the answers you need. (315) 351-2765