In the process of selling a home, there might be some unfamiliar terms to come your way. For first time sellers, the term “sellers’ disclosure” might raise an eyebrow or cause confusion. But what is a sellers’ disclosure and why is it important? This article will focus on frequently asked questions regarding the matter.
Here’s what you need to know about a seller’s disclosure when selling a home
What is a sellers’ disclosure anyway?
A sellers’ disclosure is a document that contains several questions regarding the property. The questions are usually answered by yes or no. Basically, the questions seek descriptions of the property that could affect the value or influence the buyer’s decision to purchase. Any water damage, pest infestation, or potential hazards are examples of factors that can negatively impact the value of a house. This is to be disclosed when selling a home Myrtle Beach. In general, the disclosure provides buyers a clear insight into the property.
As a seller, am I legally obligated to submit a disclosure?
The answer may be different depending on where you live. In some states, the requirements are more stringent. You may find that in some states the disclosure is optional. Also, the disclosure is sometimes required in some areas and is part of the property purchase contract. Be sure to speak with your real estate agent regarding this matter to know how to proceed.
Are home improvements to be included in the disclosure?
Any major home improvement project that was carried out must be mentioned. Also, it should be noted whether or not all the necessary permits were procured for the projects. Minor home improvements or home repairs do not need to be included.
Is a home inspection no longer needed if there is a provided sellers’ disclosure?
The short answer is, no. A home buyer will most often have a home inspection included as one of the conditions of the sale. As the homeowner, you should also have a home inspection prior to listing your home to make you aware of any issues that were unknown before.
What if issues are found?
If in case there are issues found after a home inspection, there are two options a homeowner can take. First, the homeowner can sell the house as-is. Of course, this is given that all the issues are carefully disclosed in the document. Second, the homeowner could choose to repair any issues at hand to make the sale faster and less problematic.
What are the implications if I fail to disclose any issues?
Again, the answer will depend on which state you are in. Typically, buyers can opt-out of the deal if they find issues before closing. However, if the buyer goes ahead with the closing and finds the issues, later on, the buyer could sue the seller. To avoid legal repercussions, always hire experts like Full Potential Real Estate to avoid making mistakes along the way.
Can I sell my home as-is?
In some areas, it is permitted to sell a home as-is. It’s a convenient way to get your hands on fast cash when you need it. However, you will still need to disclose all details of the house especially any issues that may not be directly visible.
Hire only the best real estate agent in Myrtle Beach. Call Full Potential Real Estate today at (843) 236-0203.
Full Potential Real Estate, LLC
Myrtle Beach, SC 29577