What Do You Have To Disclose When Selling A House?
When you need to sell quickly, you want to make sure that your buyer doesn’t back out of a deal. You might also be worried about the state of your home– plumbing, electrical, or even structural issues can make or break a sale. However, there is such a thing as a house-for-sale law– and you need to abide by it when you sell. Here is a list of common things sellers might not disclose, and whether or not you need to under house-for-sale law.
The Seller Lied On The Property Information Form
When you’re selling a house, whether it’s with a company like North Wall Property or on your own, there are several things you shouldn’t do. If you deliberately lie on the property information form, that can open you up to a world of trouble. Everything on the property information form is legally binding, and if you put down something that’s not true, your buyer can potentially sue you for more than the property is worth. Furthermore, your solicitor or the company you’re working through can drop you as a client, causing your house to become more difficult to sell.
The Seller Did Not Declare Subsidence
Subsidence occurs when your property begins to sink into the ground. This can be difficult to work with, and your insurance premiums may go up. This will also cause buyers to be a bit more cautious when purchasing your home. After all, they’ll soon need to shore it up, and they don’t want their front porch to be three feet underground. When there is a disclosure of information about subsidence, you should probably choose to disclose subsidence before you sell the house. If you don’t, the buyer will probably find out via home inspection.
The Seller Did Not Disclose Asbestos
As a seller, you also have to disclose asbestos when selling with a company like North Wall Property or even when you’re running a for-sale by owner operation. Asbestos is a carcinogen, which means that it can cause cancer. It was used in a lot of different ways in a lot of older homes, and that means that your home probably has some inside. Home for sale law dictates that you must disclose asbestos when selling a house.
The House Was Sold Without the Owners’ Knowledge
If a house was sold without the owners’ knowledge, that’s fraud. If the house was sold to you this way, you’ve probably already fought the legal battle over it. It’s up to you whether or not you choose to disclose this history to your buyer.
Building A Disclosure List
When you’re looking to sell a property, whether it’s via a company like North Wall Property or in a for-sale-by-owner manoeuvre, it can be tempting to misrepresent your home on the property information form. This, though, is highly illegal, as well as not telling your buyer about subsidence or asbestos on the property. Make sure you sell safely and legally by disclosing these things about your home to your buyer.
