When marketing Waltham MA homes, sellers and their agents have a legal responsibility to disclose everything known about a residence. The majority of lawsuits relate to buyers knowing that a seller purposely hid facts. Below are advice on required seller disclosure for Waltham MA properties.
The Requirement to Disclose
Disclosing all facts is critical. In minor cases, failure to disclose facts about a Waltham MA residence may simply result in a buyer spending more on repairs. In more dramatic scenarios, it may lead to bodily injury of the new homeowners. There was one instance where a heating system malfunction resulted in the death of the new home owners and to the seller receiving jail time for involuntary manslaughter. Sellers may worry that disclosing certain facts influences whether a home sells or the amount for which it sells, but failure to provide facts can have much worse outcomes with lawsuits and potential jail time.
Sellers can use special forms for reporting facts on a home. It can also be included in P&S Agreements. Reporting all issues, even if they have been fixed, is the safest way to sell Waltham MA homes. Buyers are likely to uncover the problems anyway during inspection, after they live there, or when speaking to neighbors. Furthermore, buyers commonly negotiate repairs more aggressively during inspection than if disclosed prior to offer submission. To help facilitate disclosure, maintain documentation on receipts from purchases or contract work.
Advice On Required Seller Disclosure For Waltham MA Properties
Being up-front about issues in a property results in a smoother transaction and prevents issues after closing. Sellers need not give personal information such as the reason for selling, but must divulge everything in their knowledge about a property itself. This blog with advice on required seller disclosure for Waltham MA properties was prepared by Darleen Foster at RE/MAX On the Charles and is intended as an overview. For additional advice on marketing a home in Waltham MA and surrounding areas, contact Darleen at 617-448-7894 or DarleenFoster@remax.net and/or Brad at 781 316-5760 or at BradfordPratt@remax.net