When marketing homes, home owners and their brokers have a legal requirement to tell all known facts about a residence. The majority of lawsuits pertain to buyers suspecting that a homeowner intentionally hid facts. Below are tips on mandated seller disclosure for Portsmouth NH real estate.
Danger of Failing to Disclose
Being up front about all facts is vital. In minor cases, failure to disclose problems about a home may merely result in a buyer pursue compensation for expenses. In more dramatic cases, it may cause bodily injury of the new homeowners. There was one case where a heating system problem led to the death of the home buyers and to the seller getting jail time for involuntary manslaughter. Sellers may think disclosing certain information influences the ability to sell or the sale price, but not disclosing facts can have much more severe consequences with lawsuits and potential jail time.
There is specific disclosure paperwork that sellers can use. It can also be included in P&S Agreements. Reporting all problems, even resolved issues, is the smartest way to sell properties. Buyers are likely to find the problems anyway during inspection, after they live there, or when speaking to neighbors. Furthermore, buyers usually negotiate repairs more aggressively during inspection than if known before offer submission. To help facilitate disclosure, maintain documentation on receipts from purchases or contract work.
Tips On Mandated Seller Disclosure For Portsmouth NH Real Estate
Being up-front about the condition of a residence leads to a smoother transaction and protects against issues after closing. Sellers need not provide personal information such as the motivation to sell, but must provide all they know about the residence itself. This blog with tips on mandated seller disclosure for Portsmouth NH real estate was written by John Wells at Wellsco Realty and is meant as an overview. For additional advice on selling a home, contact John at 978-518-1481 or firstname.lastname@example.org.