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Disclosing House Defects…Yes or No?
By Ann Smith
Have you ever
considered “hiding” or simply “not mentioning” the defects in your home
that you’ve listed for sale? After all, wouldn’t it make it harder to sell
if you revealed all the little idiosyncrasies of your home, such as water
coming in the basement window during torrential rainfalls? If you’ve ever
had these thoughts, re-consider your decision immediately.
Misleading a buyer about the condition of your property can have serious
consequences. While it’s always best to have your home inspected for
defects, legally you must disclose all known defects of your property – and
for your protection, give it to the buyer in writing. If you don’t, it
could come back to haunt you.
Consider these potential problem areas:
-
Plumbing and
sewage
-
Heating or air
conditioning system
-
Water leakage
including the roof
-
Drainage problems
-
Foundation
instabilities or cracks
-
Lead
paint
-
Asbestos insulation
-
60 amp electrical
service
-
Galvanized plumbing
Most buyers want
to know as much about a property as possible before buying. There is no
perfect home. If buyers know what they have to deal with upfront, they can
decide whether or not they can live with it or fix it.
If you’ve made
recent repairs, let potential buyers know what the problem was and what you
did to remedy the situation. Don’t say the issue was “fixed” as that
sounds like a guarantee and could lead to trouble down the road. Instead,
report what the issue was and the steps you took to deal with it, which
could mean hiring a contractor to work on it.
By providing full
disclosure in writing, you are protecting yourself from liability issues
and lawsuits. It is to your advantage to disclose all issues, no matter
how minor, so they don’t become giants after the deal closes.
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