The law requires specific disclosures about the property with every home sales transaction wherein the owner makes a statement regarding any issues you are aware of that could affect the value or full enjoyment of the property. These sellers’ disclosures include information for the safety and protection of the new occupants, such as lead paint in older homes. A professional inspection should reveal any issues or problems in the disclosure. However, if the passing of time should reveal a problem missed during the inspection, you may still be held legally responsible.
As time passes and life changes, homeowners need to remember the disclosures they received when they purchased the house. However, when homeowners have work performed without permits, disclosure laws can become a problem. Failure to think ahead to the day they will sell can be much more costly than the money saved by taking shortcuts to perform renovation or repairs. So read on as we discuss disclosures and why they are so important when selling your house in Northern Kentucky.
Sellers’ disclosures are important when selling your house in Northern Kentucky because they act as legal protection for you as the seller. Disclosures also protect the buyer, informing them of problems or faults with the home or surroundings. If an issue like odors from nearby manufacturing or loud sounds from airport flight paths has impacted your enjoyment of the property, it is likely you should disclose the matter.
Disclosures are also important when selling your house in Northern Kentucky because it provides the buyers with the information they need to plan for future repairs on the property. In addition, an inspection contingency gives the buyers the right to have the home inspected during a given time period. Depending on the findings, they may negotiate for repair credit or walk away from the deal altogether.
There are exclusions to mandatory sellers’ disclosures that may vary state by state and even in different counties. By understanding what you are legally permitted to omit, your home may be easier to sell or sell for more than if the buyers were aware of the excluded information when selling your house in Northern Kentucky. If you should find yourself on the fence about disclosure, it is best to err on the side of caution and make the disclosure.
When selling your house in Northern Kentucky, you must understand the laws surrounding your disclosures to avoid costly legal consequences and the emotional turmoil accompanying them. Actively concealing defects is fraught with legal risk. You face a potential lawsuit for recovery of damages from negligence, fraud, or misrepresentation, among other causes of action.
Help In Selling your House
We Buy NKY Houses provides all the services you need in-house at no expense, including attorneys, title and closing professionals, saving sellers like your time and money. You will pay no out-of-pocket expenses when you sell directly and won’t pay commissions, closing costs or broker fees; our offer is the amount of cash you will receive for your property as-is. If you want to learn more, call We Buy NKY Houses at (859) 412-1940.
If you have questins like: Why are disclosures important for protecting buyers? What is disclosure and what must be disclosed? What is the most common disclosure in real estate? Then feel free to ask any questions or express concerns about a direct sale of your house. Call We Buy NKY Houses at (859) 412-1940.