Full Disclosure By Sellers Is Always The Best Policy

Full Disclosure By Sellers Is Always The Best Policy

You are planning to sell your home and your listing agent is requesting that you complete the Seller's Disclosure Notice as required for all potential buyers. Sellers must disclose anything that could affect the property's value or desirability. The importance of full disclosure is that when sellers choose to be less than forthcoming, it can eventually prove very costly in the way of lawsuits that can be very costly or at minimum losing the sale. To better understand what is expected of sellers regarding disclosures, here are six things that must be considered so that you don't find yourself in court and paying for the repairs as well as expensive legal fees.

(1) Repairs
If you made repairs to the home then list them and if possible provide copies of repair invoices and any additional details that you believe will ease the concerns of any potential buyer.

(2) Termites
Especially if your home has had previous termite issues, it is even more important to disclose those issues. Almost always, the buyer will have a home inspection and that will include a termite inspection also. You can let them know in advance what issues and treatments are part of the history of the house and if there are any warranties that can be transferred to the next owner if applicable.

(3) Water Damage and Mold
Have you had water issues in the past that could have resulted in water damage and/or mold? Statistics seem to indicate that this disclosure issue results in a large number of lawsuits between buyers and sellers. It is also important for you to understand that home inspectors are very adept at finding the signs of water damage and mold which can result in serious health concers and issues.

(4) Lead
This is an easy one for sellers as you will be required to comply with federal law and provide a document regarding lead-based paint. If the home was built prior to 1978, your listing agent will require that you disclose on this form what you know or don't know regarding the presense of lead in the paint used inside and outside.

(5) Natural Hazards
Items of interest here would include flooding issues, mud or rock slides and more recently minor earthquakes and tremors that are being experienced in North Texas in the areas in and around the Barnett Shale. This area alone consist of approximately 5,000 square miles and 17 counties.


(6) Infamous Past
If a death in the home was the result of a crime, then this information must be disclosed as an example.

Some of the other items that you should disclose would be historical designations, special zoning restrictions, or local environmental concerns that could affect financing, insurance or remodeling for the buyer. Full disclosure will provide potential buyers of your home the confidence that they are dealing with someone with honesty and integrity. Your agent will also be there with you to make sure you follow the rules of disclosure and avoid the legal pitfalls of failure to do so.

Bottom line be a conscientious seller! Source: MSN Real Estate

Steve Lester is a REALTOR with JP & Associates REALTORs living in Allen, Texas.
stevelesterhomes@gmail.com
http://stevelesterhomes.net/



Seana Taylor Headshot
Author:
Phone: 940-337-1821
Dated: February 17th 2014
Views: 1,064
About Seana: Seana is a native Texan and has lived all over the Lone Star State. She & her family now call Frisco...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

Selling In The Winter Attracts Serious Buyers - A recent study of more tha
This Holiday Season - Listing your home this winter? 
Dec 2 2016 17359 1 - WALSH FORT WORTH UPDATENew Homes Sta
5 Reasons Why Homeownership Is A Good Financial Investment - According to a recent report&nb

Our Bloggers

Comprar Casa DFW * - 1
Kim Allman - 5
Cara Balderas - 28
Tami Bennett - 45
Jessica Boozer - 18
Rhonda Borgne - 1
Olivia Borowski - 1
Jennifer Boyd - 2
Deborah Boyd - 16
Jamie Brannagan - 1
Annette Bruen - 20
Moira Brunken - 11
Beverly Bryant - 23
Sherry Cabrera - 359
Ana Cantu - 1
Lisa Cardillo - 52
Bob Cardillo - 4
Shea Cargile - 12
Tori Cecil - 3
Lucina Cervantes - 11
Troy Copeland - 11
Gregory Cornett - 2
Angela Cotten - 51
Missie Craig - 12
Greg Cunningham - 2
Leah Ecob - 15
Kristine Edens - 3
Jill Elliott - 99
Laneal Ernest - 9
Nicole Espinosa - 27
Christopher Evans - 1
Heather Feragotti - 8
Mark Fischer - 2
Susan Florsch - 12
Jennifer Flynn - 4
Leslie Fogle - 101
Larry Frassinelli - 6
Chad Gabriel - 58
Malci Gariani - 1
Shalee Garza - 10
Cassie Gillock - 2
Ryan Gonzales - 3
Christina Gonzalez - 5
Wilma Goodwin - 2
William Graves - 5
Sandra Hunt - 67
Bill Hurd - 3
Gary Hutchings - 20
Rachel Jama - 47
Trenton Johnson - 15
Felicia Johnson - 78
Jemi Khan - 26
Leigh Klotz - 5
Amber L Johnson - 6
Michele Lafortune - 22
Wanda Lewis - 2
Mark Linder - 1
Noreen Lodhi - 9
Stacy Lynn Massar - 27
Hiwot Melaku - 1
Jennifer Menting - 17
Mikki Migis - 8
Richard Mikus - 1
Sean Moniri - 21
Naddia Morales - 10
Keith Moses - 9
Mark Mulch - 19
Erick Murphy - 6
Steve Murray - 1
Julie Nicholson - 10
Nikki Okpuzor - 3
Alan Oliver - 7
Kelly Oltmann - 2
Kaysone Orlando - 1
Holli Paddio - 3
Ancy Philips - 7
JP Piccinini - 48
Julie Ann Pickering - 85
Ann-Marie Pope - 2
Joshua Putman - 111
Mimi Rader - 1
Shelia Randolph - 33
Terri Anne Ray - 1
Teneka Ray - 1
Go 2 Girls Realty - 173
Bethany Rowan - 15
Kelly Rumney - 9
Amy Jo Saenz - 3
Linda Scardis - 4
Sandy Setliff - 209
Christine Shannon - 29
Rene Sinclair - 27
Shelby Smith - 3
Bryce Smith - 5
Monica Solkhon - 1
Rodrigo Sotomayor - 16
Brent Stack - 1
Jenna Stanley - 9
Kelley Stubbs - 3
Melodie Sulgrove - 1
Seana Taylor - 205
Mary Taylor - 13
Julian Taylor - 17
Erica Taylor - 40
Angela Taylor - 1
Karla Terrell - 2
Joey Thomas - 2
Jason Todd - 24
Andrea Trimble - 55
Miguel Umana - 6
Staci Van Allen - 12
Diane Velez - 17
Debbie Viverito - 132
Nick Walton - 75
Spring Weeks - 8
Michael Worley - 160
Keisha York - 30
Debbie Zurita - 17

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

JP And Associates REALTORS
6175 Main Street #355 Frisco Texas 75034
Frisco, TX
972-375-9448
4692875503

Other Locations