The Disclosure Process
Let's say you're ready to sell your home, but just discovered something is going to be built right next to it. Can you still sell that property? How will this change affect the value? These are important questions that need to be discussed while selling your home.
The Disclosure Period
With any home you sell, there's a disclosure period for the property, and it actually last throughout the entire time the property is listed, and even going through the closing process.
If at anytime you become aware of new development that's going to happen in the area, or something happens to the home, and changes in the neighborhood, or HOA rules, it's best to disclose as often and early as possible.
Not all changes are going to be negative, either. What's good or bad about these changes is truly up to the buyer. The important thing is that you disclose early and whenever necessary.
So if you're thinking about selling a property, and not too sure, our motto for realtors is, "disclose, disclose, disclose!" Why? Because if the buyer comes back after the close and says something like, "Hey, they built this big structure by our new home and we didn't know that that was going to happen" it could be bad for you, legally.
However, if you disclosed that during the sale all you need to say is something like, "No, we actually disclosed that and provided documents about it."
Whenever you go to sell, I highly recommend that you disclose, and be honest about what you're selling.
Avoiding Potential Lawsuits
It's true that disclosing could open you up to future lawsuits. It's happened in the past.
I sold a condo for one of my clients where the homeowner had mentioned that their car was broken into a couple of times. Originally, he didn't think to disclose that on their Seller's Property Disclosure (SPD) form. Luckily, he told me about it during the listing process, and we were able to update his form. This avoided opening him up to a lawsuit in the future.
In the end he did the right thing, and disclosed it before anything bad happened.
You should always disclose as much as you can.
If you or a friend have questions on what to disclose and when, please connect with my team and I today to schedule a call. We can help you navigate the complicated world of selling property no matter where you live.