Thinking about selling your home and moving into a new one is thrilling! The next phase of your life can now begin when you’re ready. You organize your home, hire a professional carpet cleaner, have it inspected, get some staging help, and then you’re ready to put it on the market and attract buyers. Hang on. Is there a problem with your home in any way? Would you desire to lessen your selling-related legal obligations? Whether you’re selling your property on your own or with the help of a real estate agent, completing a seller’s disclosure form is one of the greatest methods to protect yourself. Let’s discuss why it’s so crucial. But what are the things you have to disclose when selling your Greensboro home?
If there are any problems with your house, you should disclose them up front when selling it to avoid any legal consequences. If you fail to disclose a problem to a buyer, such as a mold caused by water damage, the buyer may withdraw their offer or demand payment to fix the problem. A seller’s disclosure form will be provided to you by your real estate agent. In some states, your agent cannot fill out the paperwork on your behalf. In that situation, you might want to seek the advice of a real estate lawyer. Make sure to disclose any known problems as explained below. Write “I don’t know” next to any disclosure form items about which you are uncertain, such as lead paint.
Top 7 Things You Have to Disclose When Selling Your Greensboro Home
Generally speaking, everything you “disclose” about your home must be accurate. Furthermore, a seller or broker is not permitted to provide a misleading response in response to a specific question. Sellers in Greensboro, where the rule is generally one of buyer beware, are required to complete a disclosure form. Still, they are also given the option to “opt out” of disclosing almost anything by claiming “no representation.”
In a private transaction, the seller does have the choice of whether to withhold the information. However, in most real estate transactions, sellers hire brokers to assist them in listing and selling their property, and brokers have obligations to declare whether they are aware of a specific property. As a homeowner, you need to know exactly what you are obligated to disclose. Let’s discuss the top things you must disclose when selling your Greensboro home.
Concerns about health and safety
Any information that could endanger the buyer’s health or safety, such as dangerous or toxic materials or ecologically hazardous situations that influence the property, must be disclosed by real estate agents.
Lead-based paint has been disclosed the most frequently. Additionally, brokers are required to report any radon, hazardous mold, asbestos, or history of a home being a meth lab. Consider getting your own inspection because it demonstrates your willingness to be truthful during the transaction, which is one incentive to do one.
Gas and oil rights
If an existing seller has previously severed the oil and gas rights or if a seller intends to do so upon sale, agents are required to disclose this information.
Natural hazards
It could be necessary to reveal potential hazards to a house, whether they are man-made or natural. Natural risks could include the fact that the area frequently experiences cyclones, that the property is in a flood zone, or even that it was constructed on an old dump.
Natural substances, such as toxic waste deposited nearby, or even the sorts of building materials used to construct the house, such as asbestos, lead paint, or other toxic items that could pose a health risk to the new owner, can be considered manufactured hazards.
Future building projects or ongoing community litigation
One of the things you have to disclose when selling your Greensboro home includes planned roads, developments, and community lawsuits, all of which could have an impact on buyers through higher costs, property loss, and lifestyle adjustments. A broker is required to make any disclosures if any are nearby.
Known defects, both visible and hidden
A real estate agent is required to disclose any flaws or issues with the home’s foundation, slab, fireplace, chimney, floors, windows, doors, ceilings, walls, garage, patio, deck, plumbing, electrical, heating and cooling, sewage disposal, TV cable wiring, ceiling fans, exhaust fans, irrigation system, etc.
It must also be disclosed if there is any standing water or pest activity (such as termites). If moving is something you need to handle on a tight schedule and you have discovered all the defects but are still interested in the house, you should figure out the fastest way to pack and move in and deal with the issues later.
Assessments and covenants for homeowners associations
An HOA must be transparent about all aspects of its operations, including its contact details, annual assessments (dues), amenities offered, rules, and the scope of all costs. The HOA’s financial situation should also be disclosed to potential buyers.
You must provide this information, along with the CC & Rs, if you reside in a condo, townhouse, or any other type of residence that is a part of an HOA (covenants, conditions, and restrictions). Include this information on the disclosure form as well if you reside in a co-op or a historic area.
Problems in the neighborhood
An odor or sound from outside the property that can annoy its tenants is considered a “nuisance.” Agents must inform clients about any annoyances that the property may have due to commercial, industrial, or military sources of noise, odor, smoke, or other irritants.
If all things are disclosed, and you need someone to help you move from your old house, our experts at Excalibur Moving and Storage can help you with that.
Conclusion
Plan to reveal as many things as possible that you have to disclose when selling your home. If you’re unsure whether to reveal something, do it anyway, or speak with your agent about things you have to disclose when selling your Greensboro home. Making difficulties known upfront could end up saving you a significant amount of money and time in court. If you keep some information from the neighbors, especially one as important as a death, you run the risk of getting into legal trouble. Consult a real estate lawyer or your real estate agent for more details.
Sell To a Cash Buyer
If you would like to avoid all the disclosures, paperwork and headaches that go along with a traditional house sale the call AIP House Buyers. We are a local investment company in Greensboro, NC that has buy buying houses since 2009. We will make you a fair no obligation guaranteed cash offer. We buy in any situation and any condition and can close on your time frame. Call or Text at 336-707-5223.
