DISCLOSE , DISCLOSE , DISCLOSE !!
B y : L i z B u r r o w , R e a l t o r ®
Sellers are required to provide details about all property conditions , even if they might negatively affect the price . There are real estate documents included in any sale package called disclosures . The strongest advice I can give is that you fill them out carefully and accurately to the best of your knowledge , disclosing everything you know about the property , whether visible or not .
It is important to show your home in the best light , so patching , painting , and making repairs to any defects is critical . It is certainly not deceitful to repair and therefore hide the fact that there was a previous issue , as long as you ensure that you note this in your documentation . Keep in mind that buyers generally only see the disclosures after they have already made the decision to make an offer on a home and have already fallen in love with it , so in the excitement of the moment , most defects will not affect their decision .
One of the biggest offenders is water . If you have ever had a burst pipe , tub overflow , or any other kind of leak , once it is repaired , make sure that you patch and paint so that it is not something that causes visual concern to prospective buyers . Then disclose where it happened and how it was remediated . If you have had a roof leak and your roof repaired or replaced , disclosing it can also help with the inspection . If the buyer or their agent makes the inspector aware of it , he will not raise a red flag if he sees any residual evidence of water intrusion in the attic .
All this information should be filled out on a document in the sales package called the " Disclosure / Disclaimer ’" There are some circumstances in which the seller is exempt from filling this out . They are explained on the form , but in most cases , and certainly , if this is your primary residence , this does not apply . Some agents advise their clients that completing the disclaimer rather than the disclosure protects them from liability , but that is untrue , according to the Maryland Real Estate Commission . Failing to fill out the disclosure also tends to raise many questions from prospective buyers , so take the time and always disclose everything you are aware of , even if you feel that it may deter clients from purchasing .
It is not only the ethical thing to do but also the smart thing . If , after purchasing the house , some defect comes to light that was not disclosed , and the buyers can ascertain that you knew about it , you open yourself up to liability . It is so much smarter to be open and up-front about everything and protect yourself in the process .
LakeTalk November 2021 41