When you get ready to sell your house you are required to file a seller’s disclosure. This document is where you let potential buyers know any of the problems your house has had in the past.
Typically, a seller’s disclosure includes things like mold, leaks, and foundation problems. However, some of the requirements vary from one area to another.
That means there are many things falling within the gray area. This is why it’s important that you find out how they apply to you.
Here are a few of those areas to consider with your seller’s disclosure:
When someone died in the house
Many states require you to disclose if someone has died in the house. Some states also require you to disclose how the person died in the house. You need to make sure you know what your area’s requirements are because it can cost you if you’re required to disclose something that you don’t. This falls under the category of your house being “psychologically affected.”
Illegal meth labs
While this might sound like it is something out of a movie, some areas require that you disclose if the house was previously a meth lab. This is something that you might not have known when you bought the house, and it’s a reason you might not want to start digging.
If you do know that your house previously had a meth lab then you are required by law to disclose it in certain areas. Check with your real estate agent to see how this affects you.
Bad neighbors
We’ve all heard the stories about bad neighbors, but if you have them do you really need to share that fact with potential buyers? Well, you don’t have to share all the details about your neighbors, but there are some areas that require you to disclose of any major nuisances that you have in your area.
So, while it might seem silly that you could be punished for something that is happening in your neighborhood outside of your control it’s still something that you might be required to disclose.
Problems that fall outside of the house
There are some problems that affect the home even if they aren’t from within the home. This could include having problems with sewage backup that is caused by the county sewage lines and not those on your property.
Even if you have taken care of any damage that has occurred at your house, you are still required to disclose to the potential buyer the problem that you have had in the past. If you don’t, it is like sharing only half of the problem and you could be held liable if a problem arises and the buyer finds out.
When it comes to being accurate with your seller’s disclosure, you aren’t required to disclose what you don’t know. So, do not hide any information that you know about your house but don’t go looking for problems either. You could end up turning something that is going to cost you thousands of dollars that you could easily have not known about.
