4 Things That Must Be Disclosed When Selling Your Home

When selling your home, it's obvious that you are going to want to make your home look as good as possible in order to attract buyers. However, each state has it's own rules about what you must disclose when selling. If certain things are omitted in the information about the home to the buyer, you could be facing a non-disclosure lawsuit that can definitely affect you financially. Here are four things you probably are going to have to disclose:

  1. An Honest Transfer Disclosure Statement: The first thing you must do is fill out an honest transfer disclosure statement. This is where you are going to provide all the important information about the state of the home, such as how old the roof is, what kind of plumbing system it's attached to, and more. If you do not fill this out honestly, it can lead to a lawsuit. The information on this sheet you must provide is going to differ from state to state, so it's important that you get yours from the state in which your home is located. 
  2. Toxic Substances: If there are any toxic substances in the home that you are aware of, then you must disclose it to the buyer. Otherwise, if it's discovered that you were aware, then you will probably be subject to a lawsuit in the future if the information was not disclosed. Any toxic substance includes asbestos, lead paint, mold, and more. 
  3. A Death: If there was a death on the property, you probably must disclose this in the state you are in. This is only the case if the death has occurred within a certain time frame, so be sure that you know what this is based on state law. However, if the person asks and the death occurred longer than the time period, you must still provide an honest answer, otherwise, it could become an issue. 
  4. Water Heater Restraint: Your state might require you to disclose information about the restraint of your water heater. This means providing information about the certification of the water heater strap or anchor that will prevent it from collapsing. This is usually required in states that have a high rate of earthquakes. 

These are just four things that are generally needed to be disclosed to buyers; however, it can vary, so be sure that you meet with a real estate lawyer such as Steve Butcher Sr to go over what it is that you must disclose. This way, you can avoid a potential lawsuit in the future. 


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