Disclosures.....Disclose, Disclose, Disclose
You've probably heard of "Location, Location, Location" when buying a home, but if you’re in the process of selling a home, you need to know about "Disclose, Disclose, Disclose"! Be mindful of laws covering the issue of disclosure. While they vary from state to state, there are federal laws as well, the most notable of which is regarding lead-based paint. The best thing to do if you’re unsure what to disclose is to consult your Realtor or a real estate attorney who knows your state’s disclosure laws.
The general rule of thumb is that anything that lowers the perceived value of the property or anything that would affect the buyer's decision to purchase, or the price and terms the buyer offers, should be disclosed. Some tips: Answer all questions to the best of your ability on the Lead Based Paint Disclosure, the Seller's Disclosure and any other pertinent disclosure forms your agent will have you fill out at the time of the listing agreement. Don’t sweat the small stuff, but make sure you disclose everything that you’d want disclosed to you if you were the buyer. Anything that is currently broken and/or needs repair, leaks, termites, radon, etc... all need to be disclosed! Be as thorough and honest as possible while filling out the disclosures. If in doubt whether to disclose or not....disclose! It will help in the long run, by helping to keep you out of court later.
In St. Louis, Missouri and the surrounding areas, their are various disclosures. Here's a run down of some of the more typical ones:
Building Disclosure - Needed for all Residential Sales.
Lead Based Paint Disclosure - Required by Federal Law.
Pool/Spa/Pond/Lake Addendum to Disclosure - Needed if you have any of these items on your property.
Septic & Well Disclosure - Needed if you live on property with a septic system or have a well.
Chesterfield Special Disclosure - Needed if Buying/Selling in Chesterfield, MO.
St. Peters Disclosure - Needed if Buying/Selling in St. Peters, MO.
Their are some more obscure disclosures out there, for particular properties and circumstances. Your Realtor should provide you with all the appropriate paperwork. Or if you don't have a Realtor, call me and I will help you through the entire process!
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