Understanding Seller Disclosures

seller's disclosure note or document with eyeglasses and a few keys next to it

Most states require sellers to disclose any known defects and material facts about the property. They’re selling while these disclosures vary from state to state. The disclosures are the homeowner’s responsibility and not the realtor’s. In many states, it is illegal for a seller to conceal major defects. Generally speaking, you’re only required to disclose things you have personal knowledge of.

Read Also: What Is An Appraisal

Sellers are typically not required to hire an inspector to identify problems they don’t know about. The disclosure forms will ask about the condition of major components such as the:

  • age
  • state of the roof
  • furnace
  • air conditioning

As well as any known defects to the home’s major systems, like:

  • plumbing
  • electrical
  • structural components like the home’s foundation

Disclosing a problem doesn’t mean that the seller is obligated to fix it. However, known problems will likely become negotiating points for potential buyers. If you choose to fix a problem after disclosing it, be sure to document what you did to resolve the issue. Full disclosure is the best way to avoid potential lawsuits down the road.

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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:

Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*

To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!

*Agardi Team and the seller have to agree on the price and the closing date.

Call Us @ 718-755-2882
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