If you need assistance, please call 509-590-4701

Why Residential Property Disclosures

Monday, April 01, 2019   /   by Dixie Simon

Why Residential Property Disclosures

728 x 90.png
When you decide to sell your home, you're required by law to disclose specific data about your property. Property disclosures are required by most states with their own approved forms which have a required set of questions that must be answered and signed off on before seller lists the property for sale. 

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 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, its condition, known problems, and defects. These are all factors 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 significant 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 different federal and special disclosure laws, it's imperative that you reach out to a local real estate agent to get assistance with the sale of your home. They'll 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 gets overlooked with buyers.

An honest disclosure statement will help the seller protect themselves from future legal action, and the buyers will have a better understanding of the home they intend to buy.

Before getting started, it’s important to remember, most real estate transactions go quite smoothly, and there are rarely any problems with property disclosures. Homeowners should NOT stress over creating their property disclosure statement lists. An honest disclosure statement helps the seller protect themselves from future legal action, and the buyers will have a better understanding of the home they intend to buy.

Feel free to contact me for more information and as always, thank you for visiting dixie@viewhomesinspokane.com


Dixie's Info..png

  selling home, home selling, spokane real estate, home seller tips, buying and selling a home, getting ready to sell, real estate agents, haven real estate group, listing, home value, marketing, home buying, buying a home, home buyer tips, sellers, realtor, spokane realtor, spokane market, dixie simon, home seller's guide

Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201
509-590-4701

IDX information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by the MLS.
MIMLS The data relating to real estate for sale on this web site comes in part from the Spokane Association of REALTORS® MLS. Real estate listings held by brokerage firms other than Haven Real Estate Group are marked with the IDX logo. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Haven Real Estate Group shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Copyright 2019 of the Spokane Association of REALTORS® MLS. All rights reserved.