Not disclosing everything about a home can be very costly. Some sellers who say less about the condition of the property in hopes of getting more at closing will mostly likely end up in lawsuits or blown sales.
As a seller, it is already known that you want to present your home at its best and make it as attractive as possible to buyers. However if there is a defect that would somehow decrease your home’s value or desirability, do not cover it up. If you are aware of it, disclose it. If you try to cover it and leave the buyer to discover the defects on his own, it can come back to bite you long after the sale and it is just not worth it. Lack of proper disclosure can result in a costly lawsuit.
Disclosure laws vary from state to state. When selling a home in South Carolina, certain laws outline what sellers must disclose about a home to avoid legal trouble down the road. Disclosure comes in a residential property condition disclosure form in which sellers must answer series of questions detailing their home’s quality, healthfulness, and safety. Here they are:
- The water supply and sanitary sewage disposal system.
- Sellers are required to indicate any significant defects or malfunctions of the home’s roof, chimneys, floors, foundation, basement, and other structural components. Modifications of these structural components should also be disclosed.
- Sellers are also ask to note about electrical, heating, cooling, and other mechanical systems.
- Sellers should also state any know present wood problems caused by termites, insects or organisms or past infestation and describe any termite/pest treatment if any.
- Sellers should state any actual knowledge or notice concerning zoning laws, restrictive covenants, building codes, and other land-use restrictions affecting the real property. Room additions or structural changes to the property, flood hazard, flood insurance covering the property, legal actions, tenancies, tax liens or government actions that could affect title to the property should be disclosed too.
- Presence of lead-based paint, asbestos, radon gas, methane gas, underground storage tank, hazardous material or toxic material, buried or covered, and other environmental contamination should be described.
- Sellers should describe any existence of a rental, rental management, vacation rental, or other lease contract in place on the property at the time of closing, and, if known, any outstanding charges owed by the tenant for gas, electric, water, sewerage, or garbage services provided to the property the tenant leases.
- Sellers should describe any existence of a meter conservation charge that applies to electricity or natural gas service to the property.
Are you selling your home? We can help! The J Michael Manley Team go above and beyond to get your home sold in the market. Our marketing efforts are geared toward getting your home sold as quickly as possible for top dollar.
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