Disclosures in Real Estate

Real Estate

Disclosures Are Important

When you’re in the process of selling your home, disclosures are an important factor to consider. Unfortunately, different real estate agents will tell you different things about what is necessary. For example some agents say that it’s not necessary to disclose that there was a death on your property. Some will say you must disclose every single thing that’s ever happened in your home. The fact is, the law governs what should and should not be disclosed. While they vary from state to state, there are federal laws as well, the most notable of which is regarding lead-based paint. The best procedure, especially if you’ve had a suggestion that seems too extreme one way or another, is to consult a good real estate attorney who knows your state’s disclosure laws.

Some disclosure laws are region-specific, such as:

• California and Nevada regarding earthquakes
• Tornado activity in Kansas, Oklahoma, Texas, Iowa, Nebraska
• Hurricanes in Florida, Louisiana, Alabama, Georgia
• Mudslides in California • Wildfires in Wyoming, California, Colorado, Nevada;
• Bentonite soil in Colorado (expanding/contracting soil that makes concrete foundations, pads and patios heave,  shift and crumble) Good news- these would not apply to Illinois homeowners!

sign-paper

Be Sure to Fill Out Necessary the Forms

When you decide to sell your home, and list it for sale, you must fill out the proper disclosure forms & you will be required to fill them out yourself. Some inexperienced real estate agents may believe that it’s their job to do this for you, but the law says, it’s your job alone.

Tips when filling out your disclosures:

1) Answer all questions to the best of your ability. 2) Make sure you disclose everything that you legally need to

This all can seem very confusing to the average home seller. For more information about what REALLY needs to be disclosed, contact me today!