How much should you disclose on your Seller's Disclosure?

We get this question from time to time, and I always tell my clients the same thing: Yes. Basically, if you aren't sure, disclose it. Disclose, disclose, disclose.

For one, it's the right thing to do. Really, that's enough said.

But other than that, it's unlikely that you'll get away with not disclosing something. When the buyers apply for homeowner's insurance, that insurance company will pull a report that is very much like a Car Fax, showing any claims made against that property in the past. If something is on that report that isn't on the seller's disclosure, much of the trust needed for a successful transaction will be eroded.

However, even if undisclosed damage stays hidden throughout the entire transaction, the buyers are going to literally live in this home, so they will soon become intimately familiar with every nook and cranny, and there are very few damages that leave no trace. If something is uncovered that should have been disclosed and wasn't, the sellers will likely be sued, and possibly even prosecuted. It's not worth it.

If you're filling out a seller's disclosure and you're thinking, "should I really disclose that?" The answer is yes. Yes, you should.

Post a Comment