Importance of Property Disclosures

Posted at 11:40 am on October 14, 2019

Today I want to talk to you about some potential legal issues that could come with selling your house. There are rules put in place to protect buyers when purchasing a new home and if sellers don’t follow them, it could end up potentially costing sellers a lot of money!

When you listing your home you will get a document called the Seller’s Disclosure of Property Condition as part of the listing paperwork.  This is sort of the bible for your home. It is designed to be the seller’s record of any past problems and they ask you to specify on questions about the basement, foundation, water, electrical, plumbing problems, and more.

YOU HAVE TO DISCLOSE WHAT YOU KNOW.  That is the BEST advice I can give.

If you don’t disclose issues with the home that were known to you or that you had repairs done on in the past, there can be some pricey repercussions.  Here were some recent stories that ended up in court that happened in Iowa that are worth paying attention to.

So, if there is one take away from this today…disclose everything!!  When in doubt – disclose!

As always, if you have any questions about real estate, selling your home or buying – don’t hesitate to reach out.

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