Disclosures & Documentation
The Property Condition Disclosure Statement is the most important document you are responsible for when selling your home. It provides the buyer information regarding the general condition of your property, including the structure, appliances, and mechanical systems, to name a few. There are also sections on zoning changes, legal issues with the home, and other related property conditions.
It’s important to make sure that this document is as accurate as possible. Mistakes are the number one cause of home sale lawsuits. Be honest and thorough. Answer each question to the best of your knowledge and pay special attention to questions that refer to known issues with the home. Even if the issue has been repaired, whether by you or the past owner, you must disclose it and indicate that the repair has been made. In addition, if you are aware of any issues from a previous inspection, be sure to disclose these as well and provide a copy of the entire past report.
Certain property features may require you to provide additional disclosures.
- Lead-Based Paint - if your home was built prior to 1978, you are required to provide a notice of lead based paint, whether it is present on your property or not.
- Mortgage Information - assemble all mortgage-related documents since the state of your home can have a huge influence on the price of your home and whether or not you are in a position to sell.
- Property Taxes - While the title company will obtain official records of your property taxes, it's helpful to have this information readily available since potential buyers may ask about taxes and tax rates.
- HOA Information - If your property is governed by a home owner's association, you should have the name and contact information of the association readily available. Understanding the rules and regulations enforced by the HOA, especially for unique properties, is helpful to the sales process.
- Other Property Restrictions - Some properties have restrictions, even if not governed by an HOA. If you are aware of possible restrictions, be sure to share them with your REALTOR®.
Surveys, Appraisals, and Audits
- Property Survey - a property survey will show the boundaries of your home and other important details related to the property. A new survey may be required if you have made any major changes to the property.
- Original Home Appraisal - the original assessment of your home’s value is an important tool in determining the square footage of your home. If the square feet listed on your appraisal is higher than the value listed on the tax records, you may choose to list the higher square footage in the MLS and other marketing materials.
- Energy Audit - an energy audit measures your home's energy efficiency and most often covers your air heating and cooling systems, windows, attic insulation, ductwork, and weather stripping, to name a few.
- Utility Bills - buyers will want to know the average monthly cost of utilities, so it's helpful to provide copies of the utility bills.
- Features/Upgrades - list any noteworthy features or upgrades that will make your home stand out to potential buyers. This also includes any desirable features about your neighborhood, like proximity to local schools or businesses.
- Floor Plan - providing an accurate floor plan is a bonus for potential buyers.
- Warranties for Appliances - warranty information for kitchen appliances and any other covered items will be greatly appreciated by potential buyers.
Home Seller’s Guide
Showing Your Home
DISCLOSURES & DOCUMENTS
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