What Should Sellers Disclose to Home Buyers?

By law, real estate professionals cannot fill out any sellers’ home disclosures unless the agent is the seller or a party to the transaction. If your agent can’t tell you, ask a lawyer if you need to sign every disclosure handed you.

Every state has its own laws regarding disclosures, so the forms will be different. A federal disclosure such as Lead-Based Paint is required for all transactions if the home was built before 1978.  Chances are in most areas of Western New York you will need this form.

Material Facts are commonly referred to as anything that would affect the buyer’s decision to purchase or the price and terms the buyer offers. In other words, if you have knowledge about a defect, it should be disclosed. If a seller discloses something to me and chose to withhold this information from the buyer, I would have had to disclose it because now I had knowledge of a material fact.

Part of this includes any repairs or enhancements that you have done on your Western New York home.  For instance, there was a leak in the roof, we paid xyz company $x.xx to correct and we have not had any problems since.

Typically, buyers aren’t upset about these disclosures, even if they are negative. The problem lies in when they feel they have been lied to or tricked.

What About One Of These Homes?

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All statistics are gathered from the Buffalo Niagara Association of REALTORS®.

For more information, call our Myriad Team @ Keller Williams Lancaster at (716) 650-0051

Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.

Properties found on this Web site may be listed with a brokerage other than the owner of this site and are displayed here via the Internet Data Exchange (IDX) system of this broker’s MLS. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing nor displaying broker shall be responsible for any typographical errors, misinformation, misprints, and shall be held totally harmless. © 2016 Western New York Real Estate Information Services (WNYREIS), LLC. All rights reserved.

 

July 10, 2017

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