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May 24, 2013

Real Estate Law: Seller Disclosure

Category: Blog, Real Estate Law, Uncategorized | Tags: , , , , , , , , , , , , , , , ,

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The real estate economy has recently come back to life and more than ever, people are listing their homes on the market. ln the past, a “what you say is what you get” was usually more than sufficient when selling homes. However, we have seen lawsuits pop up from time to time from people who have not properly disclosed everything about a home they sold. Losing one of these lawsuits can have devastating consequences.

Seller’s Disclosure

Here’s the scenario.

 About 10 years ago, the homeowner decided to completely renovate his basement. Before selling the home, the homeowner has decided to put in new carpet in the basement to make it look better. While replacing the carpet, the homeowner notices several large cracks in the floor.

The homeowner is about to sell his house. He can either disclose this to the seller or he can ignore it and keep installing the new carpet.  Or, he can install the new carpet and disclose the cracks.  A good idea for the seller would be to photograph the cracks as they appeared at the time.  Always disclose to the buyer.  A disclosure throws it back on the buyer.  He can not worry about it, ask that you patch it or offer to split the cost to patch it.  Or, let him back out.  Chances are if he really liked the house and the crack isn’t turning into a sink hole, he will buy the house.  If it does turn into a sink hole, he knew about it from the outset.

In summary, it is always better to disclose and let the buyer decide how they want to use the information.

For more information on home disclosure, give the law offices of Dan Miller a call today at (816) 875-0470.