May 13, 2021

Homesale Disclosures - Tell What You Know

Most states in the United States require a comprehensive home sale disclosure by the Seller as part of the process to sell a home.  In it, the seller will be required to speak to the condition of all appliances, electrical and plumbing, roof, easements, HOA requirements etc.  On pain of death, or really lawsuits that would come later, it is critical that the seller disclose anything and everything you know about the home.  Failure to do so, is dangerous and illegal.  

Many sellers offer a home warranty as part of the deal at the Sellers expense.  Basic policies usually cost $350 - $400 and can be arranged by your real estate agent.  Consider this lawsuit insurance.  So, you said the dishwasher was in working order.  Buyer moves in and finds it not to be in working order.  Unless the Buyer bought the home "as is", the Buyer is likely to come back to the Seller for repairs or replacement.  Home Warranty insurance coverage usually for one year would cover this eventuality.  

Every year, home sale disclosures get longer and longer.  State governments are tired of hearing complaints from Buyers who feel they have been duped.  Expect to spend a bit of time feeling out disclosure forms provided by your real estate agent.  They are different for each state.  This is just part of selling your home.