Typically when a homeowner decides to sell their home and reaches a purchase agreement with a buyer they need disclose certain information in a written document for the potential home buyer. On this document home owners need to include information concerning their home that the home buyer should be aware of before completely purchasing the property. The information included usually concerns the condition of the home and what is required can vary depending on country or county. This information needs to be made known to the buyer so that they are aware of any aspects of the home that might negatively affect its value. We will share 5 things that you might be expected to include in your disclosure.
- In-Property Death A death in your home is likely something you will be expected to disclose, as some home buyers might be wary of a home where somebody died. This is especially true if the death was related to some aspect of the home. For example, if a young child dies because of a lack of safety features surrounding a house’s pool, the home buyer should be provided with the information even if changes have been made and safety features are now included.
- Hazards Home buyers should be made aware of any potentially hazardous environmental factors in the area where the seller’s property resides. Fore example, if the seller’s property is in a region that is prone to flooding the buyer should be made aware of this. Other details like the former presence of lead piping or asbestos in the walls are other good examples of hazards that a seller should disclose for the safety of the home buyer.
- Repair History A home seller should provide prospective home buyers with a history of the repairs that they have made to their home. This allows them to inform their home inspectors of specific areas that they should focus on when taking a look at the property. Informing buyers about the history of repairs a home has had also prepares them for any future problems they might encounter once they own the home.
- Water Damage Water damage can be one of the biggest problems a lot of homes deal with, especially if a property is in a region that deals with frequent rain or flooding. Water damage can destroy personal belongings, damage the structural integrity of the home, and lead to mold growth that can create potentially dangerous health hazards. Disclosing any kind of issues surrounding water damage from the past or present is important so that the home buyers can deal with any potential issues that might arise from prior water damage.