HOW THE SELLER’S DISCLOSURE WORKS
Pete Chaison Savannah List For Less
When you list your home with a local REALTOR you will be asked to complete a form called the Seller’s Disclosure. This form requires you to tell what you know about the home that isn’t obvious to a potential buyer.
The form will ask you questions about the age of the home, age of the roof and other systems. It will ask if you have had any leaks or damage to the home. If you have, you must disclose it and then explain the nature of the problem and what was done to deal with it.
It is important to answer every question as truthfully as you can. Your REALTOR cannot answer the questions for you, you must do it yourself but he or she can help you. It’s always best to err on the side of too much information than not enough.
If there have been repairs completed, it is always good to have the receipts available. If the problem has not been fixed, the Buyer is likely to ask you to fix it, or offer less for the home.
Having an inspection done prior to listing the home can help you feel more confident. This will give you a chance to have the items repaired ahead of a buyer’s inspection. Remember, however, that anything revealed on the inspection that needs repair or replacement must be disclosed. The more that is left unrepaired, the more likely the buyer will offer less. The condition of the home is one of the main selling features.
The Seller’s Disclosure is designed to hold you and your agent harmless it you have disclosed the truth. Don’t leave the door open for any litigation after the closing.
Have a Safe and Happy Labor Day
Pete Chaison is co-owner of Savannah List For Less Realty and can be reached at 912-313-2759 or firstname.lastname@example.org