When selling real estate, sellers and their agents have a legal requirement to tell everything they know about a residence. Most lawsuits relate to buyers assuming that a seller deliberately hid information. Below are tips on mandated seller disclosure for Waltham MA listings.
The Need to Disclose
Being up front about all facts is critical. In minor cases, not divulging facts about a home may simply lead to a buyer spending more on repairs. In more severe cases, it may lead to bodily injury of the new homeowners. There was one case where a heating system issue led to the death of the home buyers and to the seller receiving jail time for involuntary manslaughter. Sellers may think disclosing certain information effects whether a property sells or the sale price, but not disclosing facts can have much more severe repercussions with lawsuits and potential jail time.
How to Disclose
There is specific disclosure paperwork that sellers can use. It can also be included in contracts. Detailing all issues, even resolved issues, is the safest way to sell properties. Buyers will usually discover the problems anyway during inspection, after they move in, or when speaking to neighbors. Additionally, buyers tend to negotiate fixes more aggressively during inspection than if disclosed before the offer. To help facilitate disclosure, maintain documentation on receipts from purchases or contract work.
Tips On Mandated Seller Disclosure For Waltham MA Listings
Being forthcoming about the condition of a listing results in a smoother transaction and minimizes lawsuits after closing. Sellers need not offer personal information such as the reason for selling, but must divulge all they know about the real estate itself. This blog with tips on mandated seller disclosure for Waltham MA listings was prepared by Bradford Pratt at REMAX on the Charles and is meant as an overview. For additional recommendations on listing a property, contact Bradford at 781-316-5760 or email@example.com.