Wondering whether you need to disclose anything when selling your house? Not sure what to disclose to your potential buyers? You’re in the right place!
As a seller, you’re required to disclose all known details to the buyer about the property you’re selling, no matter if these details are positive or negative, but definitely if they’re material. Failing to disclose some key information to increase the price of your home may cost you much more in the long run, so it’s always better to be transparent as possible right from the start.
In Fort Collins, for instance, there’s property disclosure, source of water, square footage, and occupancy limit disclosure. All these things are built to provide a full-encompassing picture to potential buyers. So here are some tips regarding what to disclose when selling a house. Let’s dive in.
Should you disclose…?
Wondering whether you should disclose certain information about your home? Well, probably yes. The general rule of thumb is that if you need to ask your realtor whether or not to disclose a certain detail, then the answer is, more often than not: yes!
Things you should disclose:
•Property condition: Disclose any known material defects, damages, or issues with the property, such as structural problems, leaks, electrical or plumbing issues, or mold issues.
•Age and condition of major systems: Specify the age, condition, and maintenance history of significant systems and appliances, such as the HVAC system, water heater, roof, electrical wiring, plumbing, and septic or sewer system.
•Insurance claims or damage history: If the property has been subject to insurance claims for incidents like fire, flooding, or other damage, it is important to disclose this information.
Only disclose what you know
Another tip for sellers is to avoid the guessing game. Instead, only disclose what you know for certain. If you don’t know something or you’re only guessing, you don’t necessarily need to put down that piece of information. Remember when selling a house, it is important to provide full and accurate disclosure to potential buyers. This helps establish transparency, build trust, and comply with legal obligations. You would rather be transparent, negotiate in good faith and go under contract with a buyer who fully understands the property. If not, you risk a buyer terminating mid contract when they uncover through their due diligence issues that could have been discussed at the beginning.
Help your potential buyers make an informed decision
When it comes to disclosure documents, the goal is to allow the potential buyers to understand the whole picture, know the history of the property, and have all details so that they can make an informed decision about whether they want to place an offer on your home. That’s how you ensure the next step is smooth sailing when you go into a contract with someone, as there won’t be any hidden secrets that may scare them away from buying.
As you can see, disclosures are an extremely important part for both a buyer and a seller to have a clean and smooth transaction. If you need any help with selling your property, don’t hesitate to contact us. At Soukup Real Estate, we take our clients through all disclosure documents and make sure you’ve filled them out accurately and completely. Our goal is to help you provide your buyer assurance that they’re making the right buying decision.