Property disclosures and the sale of a home

On Behalf of | Jan 30, 2019 | residential real estate

Florida residents may learn to live with some of the idiosyncrasies of their homes. An individual may know where their floors squeak or which drawers stick when they try to pull them out. Because they become accustomed to their homes’ quirks, they may learn to live with issues that could otherwise be repaired. When it comes time to sell their homes, however, they may have to disclose the problems they have put up with to their prospective buyers.

Property disclosures concern issues with a home that may affect its value. For example, a single kitchen drawer that sometimes sticks may not be significant enough to require a disclosure. A leaking roof or other significant problem, however, may require a disclosure.

Home owners often feel comfortable with the disclosure process when they hire inspectors to walk through their properties and identify problems that may need to be disclosed. Home inspectors are aware of what to look for in the properties they visit and can sometimes spot issues that home owners did not even know existed.

The identification of a defect or issue with a home does not necessarily mean that the home owner has to fix it. Problems must be disclosed to prospective buyers who can then decide how they want to address the issues listed in their disclosure. They may back out of buying properties with too many issues, or they may choose to negotiate a reduction in the purchase price of a home that will require a lot of work.

The property disclosure process is a significant part of selling a home. A residential real estate attorney can ensure that a home owner has met their obligations with regard to this process and is well-suited to offer their home up for sale.