Sellers are required to disclose any issues with the property and remodeling projects undertaken by current owners. The disclosure process does not exist only for buyers, it’s essential that sellers understand this step during a real estate transaction. Read on to learn what you need to know about disclosures when selling your home in Overland Park.
Disclose It All
It is important to note that the disclosure does not replace your traditional home inspection. When buyers get their hands on it, they will review this information at the same time as ordering an inspection of your property. You should be aware that your disclosure will enable your buyer to direct the inspector towards any areas of concern when selling your home in Overland Park.
Are there windows or doors or appliances with problems, a leaking roof, or any faults in the foundation?
Are the systems in the home functioning correctly, such as the furnace? You should also disclose any pest infestations or mold, any renovations completed without permitting, repairs, or insurance claims.
Additionally, you should report any environmental hazards which could affect the property or upcoming changes nearby that would infringe upon full enjoyment.
Ordering a professional inspection is a wise move when you are selling your Overland Park home. When you’re considering selling, it’s best time to learn just what kind of disclosure challenges might be in store for you. Knowing the truth about your property ahead of time will also give you the freedom to decide whether or not investing money and effort on any issues is worth it. The inspection could reveal unknown problems- but if worst case scenario comes true at least they’ll have been prepared! If there are flaws that need fixing before a sale can go through though, make sure potential buyers know this up front– who knows? They may still come back around when they realize how much work goes into buying an old place!
Beware of the Consequences
While the timing may vary by state or locality, buyers will typically receive the disclosure statements once their offer is accepted. The buyers will be required to sign off on the disclosure and any accompanying reports. It can cost you a great deal if you do not complete disclosures when selling your home in Overland Park before closing.
You could face legal ramifications should you not disclose an issue. For example, if a buyer finds out about your problem after the sale and sues for breach of contract or intentional misrepresentation, they can come back to get some cash from you!
It’s wisest to err on the side of caution when it comes down to disclosing issues. You never know what might happen if something is found that was overlooked – who knows how much trouble this may cause? If there are any concerns during inspection time then make sure those questions become addressed as soon as possible by taking them up with professionals who will be able take care of these things before anything else begins brewing in silence!
Not only could you owe for damages, but should it be determined you committed fraud by knowingly deceiving your buyers, there is also a potential for the amount of the damages to be multiplied. The amount you could owe in damages could be staggering, not to mention paying any attorney fees. It is improbable that the insurance carried on your home would cover these costs. Should the worst happen and you receive a letter of demand for damages from an attorney after the sale of your home, you must take quick legal action to protect yourself. You do not want to discuss this with the buyer or their legal counsel, as they could use it against you in a lawsuit.
Consider a Direct Sale
Leave your worries about disclosures behind when you sell to us!
We’ll make you an offer that will blow your socks off, and we won’t leave you in the dark. We want to explain how our numbers were calculated so it makes perfect sense for all of us! And at Phenomenal Properties KC paying with cash is just like a handshake- without any extra steps or paperwork needed on either end.
Our job at Phenomenal Properties KC is to help you solve your problems. Our goal is to be sure you are confident that you are making the best decision for your unique situation. Just take what you want to keep with you and leave the rest to Phenomenal Properties KC, even clean up!