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What Sellers Should Know about Disclosure Obligations
You know your home's perks and issues better than anyone. Buyers want to know about any known issues so they can factor repair costs into their offer. Know what you need to disclose during the sale process. Our real estate agents are here to help you with every step of selling a home, including our guide to what sellers need to know about disclosure.
Why Disclosure Is Required in Real Estate Sales
Let's say you're shopping for Livingston homes for sale. Wouldn't you want to learn everything about the potential investment? As a seller, you have a responsibility to disclose certain known issues to buyers. Not only is disclosure the right thing to do, but it's required by law. Exact disclosure laws vary by state, but most require known, significant issues with the home to be disclosed.
Failing to disclose issues with the home can lead to a canceled sale, or potential fraud litigation if the buyer discovers issues that should have been disclosed after closing. By disclosing issues truthfully, you can avoid these potential snags.
Most Disclosure Laws Are Handled By State
Every state has it's own disclosure laws. Michigan's disclosure form requires you to report a wide range of potential issues with the home. You're required to report all the problems of which you're aware. If you don't know whether your home has a particular condition on the disclosure form, you can mark it as unknown. However, if you become aware of a new issue after completing the form, you'll have to update the disclosure form as soon as possible. It's best to be thorough, be truthful, and disclose any known issues.
Disclosing Environmental Issues and Infestations
Federal disclosure laws require you to report any lead-based paint on the property if you're selling a home built before 1978. In Michigan, you'll also need to disclose whether there is soil contamination, radon, formaldehyde, asbestos, fuel, or chemical storage on the property. History of pest infestations, including carpenter ants and termites, will need to be disclosed as well.
Disclosure of Property Condition
Disclosure laws in Michigan require you to report a wide range of potential issues with the condition of the property to the best of your knowledge. You'll need to report on the condition of the roof, foundation, and basement/crawlspace, including known issues with leaks or water damage. Problems with plumbing, electrical, heating, and cooling systems will also need to be mentioned. All home systems, including appliances, irrigation, alarm systems, and garage doors are included on Michigan's disclosure form.
Consider a Pre-sale Inspection
While it's not required in Michigan, a pre-sale inspection can give you a better idea of the home's condition. An inspection may reveal issues with the home you were not aware of in the past. It also allows you to address those issues before they impact the sale of your home.
Are you searching for the right local real estate team to get your home sold? Contact us to buy and sell homes throughout the Livingston County, MI, area.