Residential Property Disclosures

Residential Property Disclosures When selling your home, you're obligated, by law, to disclose certain information about your property. Most states require that sellers complete a written property disclosure form. The majority of the forms have a required set of questions that must be answered. THE BASICS Most states require sellers to complete this form when listing for sale. Nearly all of the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, special disclosures, and federal disclosures. All forms vary by state and require different information. Although in Florida, sellers are not required to complete a specific form, they are required to comply with the rules established in Johnson v Davis.  MATERIAL FACTS These include the age of the property, it's condition, known problems, and defects. These are all of the information that would influence a buyer's decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don't knowingly hide a major defect. MAJOR DEFECTS All major defects MUST be disclosed. For instance, fire or flood damage. If your home's electrical system isn't up to code, and you're aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well. Since all states have varying federal and special disclosure laws, it's imperative that you reach out to a local real estate agent to get assistance with the sale of your home. They'll have a copy of the required disclosures and can assist you to ensure you don't find yourself in hot water, legally, if an important disclosure isn't shared with buyers. Don't worry about your disclosures, they are not set up to stop the sale of your property. They are there to keep you out of court! If you know, disclose! If you would like to see a copy of this disclosures we use at Michael Saunders & Company just call, text or email me. I will be happy to email you a copy or bring you one to review. If you would like legal counsel I would recommend Wellbaum & Emery in Englewood, Fl .