Whether you are considering selling your home, currently interviewing REALTORS® for the job, selling as a For Sale By Owner, or already have your home listed; here are 5 Things You have to disclose in the Seller’s Property Disclosure. Keep in mind these are just some of the items commonly found in the Disclosure.
- Covenants, Fees and Assessments
This part of the disclosure usually requires disclosing if the property is subject to conditions, restrictions and/or a Community Home Owner’s Association.
- Lead Based Paint
This section of the disclosure is important and is usually determined by the construction date of the property. If the property was built or constructed prior to 1978, a Lead Based Paint disclosure is required.
- Structural, Systems and Components, Roof, Plumbing/Sewer
This part of the disclosure requires a detailed description of the construction date of the property, any structural changes or modifications since the property was built, building code or zoning violations, the property source of: heat – energy – air conditioning, roof age and repairs/leaks or other related problems, the drinking water source, the sewage system the property is on, and any plumbing leaks, backups or other similar problems.
- Termites/Pests and Wood Destroying Organisms
This section requires disclosing any damage or treatment resulting from animals, insects, or by fungi. The disclosure of a bond, warranty or services contracted for termites or other wood destroying organism is highly recommended.
- Mold, Flooding, Drainage and Moisture
This section covers any water damage and/or mold presence in any part of the home, any repairs made to control water intrusion, the disclosure of any known flood occurrences or if in a flood hazard area, any problems with drainage or flooding due to location of property.
A sample/draft copy of the Seller’s Property Disclosure can be provided for your review by your local REALTOR®. Keep in mind this document can be updated and changed usually yearly, by each individual State Association of REALTORS®. If you are looking for a sample of the document in your own state, please seek the assistance of a REALTOR® in your local area.
Do you have questions or comments? Please let me know!