When selling your home, you may be aware of less than desirable qualities in your listing. While the real estate market is hot and many homes sell within days of listing or over the asking price, refusing to disclose important information about the property to the seller can cause serious consequences. Our Des Moines real estate attorney shares what you must disclose when selling your home.
Written Disclosure Statement
When selling your home, you may need to complete a written disclosure statement to include vital information about the property for the seller before the house is purchased.
Inside the written disclosure statement, you must include information about:
- Any known issues to the home’s foundation, roof, septic, sewer, HVAC system, plumbing, or electrical system,
- Any recent repairs or necessary repairs needed for the home’s foundation, roof, septic, sewer, HVAC system, plumbing, or electrical system,
- Any known pest infestations, including termites and carpenter ants,
- Any known presence of asbestos-containing materials, radon, or lead-based paint,
- Any specific zoning classifications,
- Any shared features, such as shared driveways, fences, or walls,
- Any known or suspected structural damages to the home, and
- The date on which you (the seller) purchased the property.
A good rule of thumb is that if you have made a repair to your home or know of an item that needs to be repaired, you should disclose it in your written disclosure statement. Sometimes, individuals may even disclose if strange or unexpected events have occurred on the property or if they are unsure of the condition of certain items.
Preparation for the Buyer
These disclosures are legally obligated, so the buyer clearly understands the prospective property before placing an offer. It is important that the buyer understand when certain essential appliances, such as hot water heaters need to be replaced, as they can be expensive and may require budgeting. The written disclosure statement is a safeguard to protect the buyer from malicious intent when selling a home.
Get Help, Get Hope
Buying a home can be a stressful experience, especially if you are a first-time home buyer. Our real estate attorneys at Hope Law Firm are here to advocate for your best interests and help you navigate the purchase process.
Are you buying or selling a home and unsure what should be included in the written disclosure? Schedule a free consultation with one of our experienced real estate attorneys by calling (515) 298-5056. We are waiting for your call.