Property Disclosure

By: Tyler Fawcett

When selling your home there is a process that must be observed known as Property Disclosure. This is when you as the home owner must list in detail, all problems that relate to your home. Any negative aspects that could affect the value of the property are required by law, to be disclosed. Now, keep in mind that you must only disclose that which you are cognizant of. However it is fraudulent to conceal problems that you know about. Be honest about these things, it can save you a lot of money and trouble in the long run. What kind of things can affect the value of your home and should be listed? There are numerous things that can fall into this category.

The most talked about drawback currently is mold. Other things such as flooding problems, roof leaks, faulty wiring and plumbing are things that are necessary to disclose.

A home inspection is a great way to discover any problems that exist in your home. A good inspection will identify anything that would be an area of concern to a new owner. However, if this inspection is done during the sale process it is not necessarily your responsibility to correct. It can, in fact become a negotiating point for the sale. If there is anything that you are unsure of whether or not to disclose, it is a good practice to disclose it. Keep in mind that the required disclosures vary from state to state, but the one thing that does not change is that all known problems must be declared. Full disclosure is always the best policy, it shows that you as a seller are a trustworthy individual and that you are concerned about the future of your home and its new owners.

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