3 Must-Disclose Items for Home Sellers
Here are a few important things to disclose before a home is sold.
The specifics vary by state, but most states, including Tennessee, require some type of seller disclosure. The goal is to add transparency to the transaction process.
In this disclosure, a seller provides written information about known problems that could impact the property's value. There are a number of different things you have to disclose as a home seller, but today I’m going to highlight a few of the most-forgotten (and most-impactful) items:
1. Material defects. If your home has major structural issues, you must disclose them to a potential seller. Buyers need to know the home's repair history to have their home inspectors pay extra attention to problem areas so that they're aware of probable future issues. You may also want to disclose electrical or plumbing repairs and any other problems you would want to know about if you were going to buy the home and live in it.
"When in doubt, disclose."
2. HOA information. If the home is located within a homeowners association, you should disclose that fact. Associations generally impose monthly fees on homeowners, and they can impose rules on their membership that a prospective buyer might or might not find acceptable.
3. Lead-based paint. If your home was built before 1978, federal law requires that you disclose that the property may produce exposure to lead from lead-based paint. It was federally banned for consumer use during that year.
The key thing to remember about disclosures is that when you’re in doubt, disclose. Failing to disclose something you were aware of beforehand could lead to a messy legal situation.
If you have any questions about what you need to disclose when selling your home or anything else related to real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.