Anyone who’s spent time around real estate professionals will likely have heard the adage “disclose, disclose, disclose!” It’s worth your time to read this article and learn about these 5 things sellers need to know about real estate disclosures in San Antonio.
The more you know about real estate disclosures, the better you can prepare yourself to sell your property. Making sure that you disclose everything that you need to is not only the right thing to do, but it could also help protect you in the future.
Right to Enjoyment
One of the things buyers are expecting when they have purchased real estate is their right to the enjoyment of the property. A buyer expects to be able to enjoy the property that they have just purchased based on all the information that they have prior to that purchase. Should you be aware of any problem with the property or location that is prohibitive to that enjoyment, then it is something that a buyer could reasonably expect you to disclose prior to selling your property.
Does the high school have band practice next door or is there some other source of consistent loud noise? Does the factory down the street put off a foul odor or fill the air with smoke that covers your neighborhood? Is there a well known criminal activity that turns your nice and happy home into a dangerous area where criminals are as soon as day turns into night?
Hazard Disclosure
Making buyers aware of existing or potential dangers that are inherent to the property is something that sellers need to document when filling out real estate disclosures in San Antonio.
The laws on this subject vary widely, however, they cover a vast array of potential hazards that homeowners across the country have encountered and it is highly advisable that you make yourself aware of the laws that govern property in your city and state. There are also federal laws regarding disclosure, such as those governing lead paint.
Basically, if you are aware of natural dangers on the property itself or the surrounding location, such as being near a fault line in areas where earthquakes are more common, you must reveal the data. Any problems that have led to the contamination of the property, whether from local commercial activity or caused by a natural source, must also be provided to potential buyers.
Also, known issues with pests, such as termites or the previous treatment of these pests must be documented and disclosed.
Death
Certain types of deaths that occur in the home or on the property need to be disclosed. Commonly, deaths that are of natural causes with causes unrelated to any issues with the property itself are likely not required to be disclosed. However, should the cause have been unnatural (homicide) or have been due to a condition of the property, either structurally or otherwise, in most cases this must be disclosed.
While not a typical subject when it comes to financial transactions, should you be inhabited by ghosts, you will need to report your knowledge of the haunting, according to the laws governing real estate disclosure in some states.
Sellers would be wise to educate themselves on the specifics of the real estate laws about death when it comes to real estate disclosures in San Antonio. It is usually better to disclose more than to disclose less, just to protect yourself.
Property History
What was fixed, why it was fixed, and when it was fixed are among the things that sellers need to disclose when selling real estate in San Antonio. As you may be well aware, there are certain issues with a home that even after they are repaired, often continue to come back and rear their ugly heads.
Was there an issue with water damage in the past, what was the source, and was there mold? Was the mold damage properly remediated by professionals? Do you have records of the repairs? Are there any existing warranties?
While it may be easy to temporarily hide an issue with the property, finding yourself tangled up in the web of being sued is a nightmare, with the possibility of financial devastation should you lose your case.
Problems in the past which you’re aware of and could even remotely become a future issue, are among the facts about the history of your property that you will need to bring to the attention of your buyers in your disclosure.
As-Is
One important thing sellers will want to know about real estate disclosures in San Antonio is that even if you are selling “as is,” any known issues with the home that devalue the property must be disclosed.
If you are selling the property completely “As-Is”, make sure that you have that documented so that it is clear to all parties that you are making no warranties regarding the property and that the buyer is expected to perform all necesssary inspections prior to purchasing the property.
There is always a risk of being sued should you fail to disclose information that you were aware of. Laws about what must be disclosed can vary from state to state. You will want to be certain to have everything in writing regarding the property from the start. You do not want to end up in a situation where it becomes “he said, she said” regarding your property disclosures.
While you may consider holding back information you’re aware of, which may not be legally required in your state, it’s wise to disclose the information to fend off any possibility of future court proceedings. In other words, you need to disclose EVERYTHING – which may end up lowering your asking price.
Really just want to sell it “As-Is” without worrying about all the repairs and the condition of the property? Sell it directly to Sell My San Antonio House as is! We buy properties that have had all kinds of repairs and ones that need all kinds of repairs! Learn more about how we can help you by sending us a message or giving us a call at (210) 201-6644 today!