The
buyer has a right to know everything there is to know about the property and its surroundings before making such a substantial financial commitment, and a seller’s disclosure provides them with this opportunity. Because of this, homebuyers can learn a lot through the real estate disclosure process.
Check out this primer on standard real estate disclosures as you get ready to list or acquire a house. As advised by our
realtors in Rockwall, TX, you won’t miss anything in the fine print this way!
What’s The Purpose Of A Seller’s Disclosure
A seller’s disclosure is meant to protect homebuyers from being misled by hidden flaws in a property. However, because of the significance it plays in avoiding legal action against the seller, the disclosure form should also be taken extremely seriously by the seller.
A buyer may file a claim for the price of repairs and any other damages caused by a seller’s failure to disclose a fault with the property. It’s better to be entirely honest with potential buyers, even if it means facing the temptation to downplay some faults that don’t seem all that severe to you as the seller.
What Does A Seller’s Disclosure Include?
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A damaged or cracked home foundation
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A leaking or damaged roof
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Any malfunctioning home appliances
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Any faults or defects in the windows, doors, walls, or floors
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Previous maintenance and fixes (either by the homeowner or previous tenants)
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Issues with the HVAC system
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Pest infestations
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Any unapproved construction or renovations in the house
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Sewer system problems
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Boundary disputes
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Neighborhood nuisance
What Happens If The Seller Makes False Claims In The Disclosure Document?
Imagine a scenario in which the seller did not disclose any flaws in the property, but the buyer found dry rot in the attic after moving in. In this case, the buyer can file a claim for compensation against the sale, but winning would need proof that the seller was aware of the dry rot and omitted it from the disclosure statement.
Professional real estate agents are familiar with the disclosure laws in their area. If you’re selling a home, your listing agent will provide you with all the paperwork you need to get the deal done. In the role of buyer, your agent can show you how everything should be filled out.
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