When selling properties, sellers and their brokers have a legal obligation to disclose everything they know about a home. Most lawsuits involve buyers believing that a homeowner purposely hid information. Below are details on mandated seller disclosure for Newbury MA real estate.
Danger of Failing to Disclose
Disclosure is crucial. In minor cases, failure to disclose facts about a home may simply result in a buyer spending more on repairs. In more severe scenarios, it may cause bodily injury of the new homeowners. There was one case where a heating system malfunction led to the death of the new home owners and to the seller getting jail time for involuntary manslaughter. Sellers may presume that disclosing certain problems effects the ability to sell or the selling price, but hiding facts can have much more severe outcomes with lawsuits and potential jail time.
Methods of Disclosure
There is specific disclosure forms that sellers can use. It can also be detailed in P&S Agreements. Providing all issues, even repaired issues, is the smartest way to sell real estate. Buyers are likely to discover the problems anyway during inspection, after they live there, or when speaking to neighbors. Additionally, buyers commonly negotiate fixes more aggressively during inspection than if disclosed before making an offer. To help facilitate disclosure, maintain documentation on documentation from purchases or contract work.
Details On Mandated Seller Disclosure For Newbury MA Real Estate
Being honest about issues in a property leads to a smoother sale and prevents liability after closing. Sellers need not offer personal information such as the motivation to sell, but must offer everything in their knowledge about the real estate itself. This article with details on mandated seller disclosure for Newbury MA real estate was written by John Wells at Wellsco Realty and is meant as an introduction. For additional guidance on marketing a home, contact John at 978-518-1481 or firstname.lastname@example.org.