What Do Homeowners Have to Disclose About Their Property?
Here are 10 examples of issues that should be disclosed by home sellers.
Obviously, we’re in one of the strongest seller’s markets we’ve ever seen. Buyers are waiving inspections and appraisals, but that doesn’t mean sellers can get away with not filing the proper disclosures prior to listing their homes for sale.
Here are the 10 most essential disclosures that everyone who is selling a home needs to make:
1. Specific knowledge regarding the house’s condition or value. Information such as water leaking in your basement in the winter, unpermitted additions, or a future highway that’s being built in the area are all examples of this.
2. Additional features and utilities. For example, you don’t want someone walking into a property assuming it’s public water and sewer only to find out that it’s well and septic.
3. Significant defects. Issues with the foundation, windows, or any system in the home that affects the livability of the property.
4. Hazardous materials or conditions. Oil-based heat is a big one, as are radon and asbestos.
5. Any deaths on the property. If you’re in Maryland, you don’t actually have to disclose this. If you're in Pennsylvania, you do. However, you don’t have to disclose hauntings or ghosts in any state.
"If your home is in an HOA, you need to disclose that."
6. Disputes with neighbors or local municipalities. Disclose any period judgments, liens, or easements.
7. Nearby noises or nuisances. Trains, busy intersections, airports, school drop-off zones, industrial areas, etc., should all be disclosed to a buyer.
8. Local organizations that have control over your property. The most common example is an HOA.
9. Any entities that could affect the home’s value. In our area, military bases, shooting ranges, munition depots, and major trucking routes are the most common deterrents.
10. Anything about the property you’re unsure of. This is kind of a catch-all. Even if you don’t think it’s anything big, you always want to disclose any inkling of an issue that could be there in your property.
If you have any questions for us about what you need to disclose about your home to a buyer or real estate in general, don’t hesitate to reach out via phone or email. We look forward to hearing from you soon.