Four things that you should make sure to disclose to buyers.

What should you reveal in your property disclosure? The specifics vary by state, but most states require some sort of seller’s disclosure. The goal is to add a layer of transparency to the process. In this disclosure, the seller has to provide information about things that could impact the property’s value. There are several items you have to disclose, so today we want to highlight some of the most often forgotten ones:

1. Homeowners association information. If you are a seller living in an HOA, you have to disclose that your home is part of the HOA. Not all buyers know what HOAs are and the implications of living in one. They come with potential monthly fees and additional regulations that the buyer will have to be aware of.

On top of that, the buyer needs to know about the financials of the HOA. Not all HOAs are managed the same way. Some have a very good financial picture, and others have bad financials. If a poorly managed HOA decides to do an assessment in the community, those costs will be passed on to the homeowners. If the HOA was healthy, they would pay for it out of their own pocket.

“When in doubt, disclose, disclose, disclose.”

2. Repairs. Disclosing repairs will set the right expectations upfront with the potential buyers. It will save you a lot of headaches in the end. If there are any issues with the property that are disclosed on the front end, buyers will be writing their offers with those things in mind. If they got surprised by those same items in an inspection, then they’d renegotiate to get repairs or credits. 

3. Lead paint. If you live in a home that was built before 1978, you might have lead paint. It was common practice back then, but in 1978, the federal government realized that these paints were potentially cancerous. By disclosing that your property might have lead paint, you’re setting the right expectations and allowing the buyer to make decisions based on it.

When you’re in doubt, disclose, disclose, disclose. If you fail to disclose something you were aware of beforehand, it might lead to a legal situation that nobody wants. Be transparent and set the right expectations.

If you have any questions about seller disclosures or real estate in general, feel free to call, text, or email us. We would love to help you.