One of the coolest benefits of being a REALTOR® is having the opportunity to walk through charming, unique homes with prospective clients. While touring sellers’ homes, I’ll steal ‘life-hack’ solutions to the responsibilities of every-day life, pick up some decorating or staging ideas, or gain insight to better organization systems. When touring older homes, I often find myself thinking of the celebrations or tribulations of the owners during some of history’s most influential events. What was it like for the residents at that time to receive breaking news without the modern day inventions like the internet or even television? As I put my REALTOR® hat back on, my attention goes to what property issues, improvements, renovations, and/or malfunctions were causing the owners joy or anxiety. During the property inspections series, we discussed the certainty that as anything man made breaks, how does the homeowner choose to manage the issue. Do they correct the problem swiftly and efficiently so that it does not happen again? Do they pacify the problem and throw a ‘band-aid’ on it to buy them some time? Do they attempt a ‘do-it-yourself’ solution ultimately making the problem worse? Or do they choose to neglect it altogether? If you’re purchasing the house, remember you have a battery of property inspection options to choose from to help uncover some of the hidden issues. Sellers also have a responsibility in disclosing any and all defects that may be of interest to an unsuspecting buyer.
A Seller’s Disclosure is a legal document that requires sellers to provide previously undisclosed details about the property’s condition that prospective buyers may find unfavorable. This document is also known as a property disclosure, and it’s important for both those buying a house and for those selling a house. The Seller’s Disclosure provides a clearer picture of the home and its history, plus it allows buyers to make a more educated decision on whether to purchase the home, defects and all. As a Seller, your REALTOR® can provide you the Seller’s Property Disclosure to complete. REALTORS® can NOT complete this document on your behalf. This MUST be completed by the sellers. The disclosure is a six to fifteen page document that includes details of what you know to be true of the home. This document can include the likes of the following: heating, cooling, plumbing, electrical, appliances, roof, gutter, downspouts, structural, environmental, etc. As a buyer, understanding this document by no means serves as a substitution to a property inspection. The seller’s property disclosure is simply what the owner knows to be true of the house. Nothing more nothing less. There are seven (7) common real estate disclosures to be aware of, whether you’re on the buying side or the selling side. They are as follows: (1) death in the home, (2) neighborhood nuisances, (3) hazards, (4) Homeowners Association information, (5) repairs, (6) water damage, and (7) missing items. Next week, we will continue the discussion and dig a little deeper on disclosures.
Until next week, love where you live. And if you don’t…contact your local REALTOR®.
Brian Haufe, 2022 MBOR President