Residential Property Disclosures

Dated: February 27 2019

Views: 184

Residential Property Disclosures
FEB27 

When selling your home, you're obligated, by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. Majority of the forms have a required set of questions that must be answered. 

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 will 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, it's condition, known problems, and defects. These are all of the information 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 major 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 varying 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 isn't shared with buyers.

Blog author image

Robert Saenz

Robert started in the Real Estate Industry as a licensed Real Estate Agent at the age of 20. Throughout Robert's consistent commitment to his clients he quickly excelled in his career and obtained his....

Latest Blog Posts

Is It Smart To Refinance

Your home mortgage is an important investment in your future, and a mortgage refinance can be a smart move to help you manage your investments when used under the right circumstances. Here are some

Read More

Just Under 3 Acres

Available now!MLS: 1570087Listed for $125,000Electric on site and water at the street.  Buyer will need to run septic as the property is not plumbed for water services.  This property is

Read More

Saving Money For The Holidays

If you are anything like me, your bank account is not a fan of this time of year. Here are some tips I implemented this year into my holiday budgeting that I'm hoping will benefit you as well!1. Set

Read More

Prepare For Your Best Year Yet

It was 2010 when I decided to start a boutique Real Estate Brokerage in San Antonio, Tx. I left a big box brokerage that offered very little support, mentorship and requested a ton of fees. I

Read More