Oro Valley Real Estate - Seller Disclosure Questions
Home sellers are often nervous about how their home’s flaws will affect the sale, but here’s the thing: no home is perfect. In fact, homes on the market typically come with seller disclosure forms explaining all of their issues. A seller disclosure ensures the buyer knows what they’re getting in a home, and they protect sellers, too.
What is a seller disclosure?
A seller disclosure is a form sellers fill out before putting their home on the market. It includes any known issues with the home, as well as any upgrades or repair work. This helps buyers evaluate the home fairly, and saves everyone from surprises during the home inspection. The exact forms used are provided by your agent, plus federal law requires disclosing lead-based paint.
When do I complete my seller disclosure?
A home disclosure is usually done early in the process of selling a home. In some places, the seller disclosure is even attached to the real estate listing, may be handed to any prospective buyer who asks, or shortly after the house goes under contract, but definitely before the buyer sends their inspector over.
What goes in a seller disclosure?
A seller’s disclosure isn’t about a broken screen. It’s about big stuff that relates to the structural integrity of the home or quality of life. You’ll want to include the following via a set of specific questions.
Any permanent defects affecting the home’s structure or systems, like electrical, plumbing, or HVAC
Previous or current issues with the home’s structure or systems
Major repair work completed on the house
Any construction done on the house and whether or not permits were pulled
Health hazards such as lead paint or asbestos
Environmental issues like frequently noisy neighbors
Any bankruptcies associated with the property
Flood danger to the property
Well or water rights, depending on if the home is in an arid water or doesn’t have a municipal supply
How honest should I be on my home disclosure?
Be very honest. While it may seem scary or counter-intuitive, a very detailed seller disclosure form for a property can become a selling point—and it can save you time and risk.
Definitely include anything a home inspector could find. If the inspector uncovers issues that aren’t in your seller disclosure, it could risk your whole sale—not only do surprises work against you in negotiations, but they can make a buyer lose trust in you. They may start to wonder what else you’ve been hiding. And once the sale goes through, a buyer could try to hold you legally responsible for any issues they find that weren’t on the seller disclosure.