Things a Buyer Should be Told when Looking at Your Home

In the course of your life, you may have opted to keep a few personal details from other people – even those whom you hold close to your heart. Unfortunately, you can’t do the same when you’re selling your home. No matter how embarrassing it is, you have to bare all and tell your buyer every little dirty secret that involves your property.

No, you don’t have to tell them where you usually sit to cool off after you and your partner have a fight or where your uncle spilled a glass of martini; those details need not be shared with others. But you do need to inform your buyer about the true status of the house.

In order to protect the rights of the consumer, state and federal laws state that a seller is obligated to disclose all pertinent information about the house and the land it rests on to potential buyers – irregardless of how it would possibly affect the desirability of the property. Failure to disclose information is illegal and offenders will be meted the appropriate state-approved punishment.

What information should be disclosed to buyers? Aside from the technical and structural condition of the house, sellers should inform buyers of potential health hazards not just within the property but the community as well. The presence of nuclear power plants in the neighborhood and the use of lead-based paint for walls, and asbestos insulation for ceilings and roofs particularly for homes built before 1978 are some of the details that should be divulged.

If you think that that’s all, sellers are also required by law to include a Natural Hazard Disclosure Statement in their real estate documents. Sellers need to advise buyers if the house is near a flood hazard area; an area of potential flooding (applicable to properties near a dam); high fire hazard severity zone (for homes near forests); wild land fire area; an earthquake fault zone, and a seismic hazard zone (last two as identified by the State geologist).

It all sounds technical but since it is mandated by law, you have to abide by it. If you are not sure what information you should disclose and how to go about disclosing it, you can ask help from a real estate agent, lawyers or visit the local government agency nearest you.

It’s better to be open and upfront to avoid any legal repercussions in the future. This should be your guiding principle. Not just when you’re selling your house, but in all aspects of your life as well.