It's important to disclose all known problems with your home prior to finalizing a deal with a buyer. Not only will this keep your conscience clean, it can keep you from flirting with potential lawsuits down the road. Not disclosing known issues is not only against the law, it can end up costing you more time and money than simply fixing the problem would. Here's a list of all things to keep in mind when it comes time to disclose:
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History of repairs
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Natural hazards
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Lead
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Mold
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Toxic materials
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Off-site conditions (treatment plants, etc: think Erin Brockovich)
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Water damage
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Termites and pests
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Square footage
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Plumbing
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Flight path
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Noise pollution
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Legal issues (clouds on the title, etc.)
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Issues with Neighbors
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HOA
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Death (in the state of California)
- Transfer Disclosure Statement (in the state of California)
Don't be afraid to disclose. Although many sellers may feel that disclosing everything will hurt their chances of selling, it actually helps. Not only will the buyer be grateful for your honesty and transparency, your conscience and record will be clean!
For a more in-depth look at the disclosure laws for the items listed above, click here.
