Real estate disclosures in Cincinnati or Northern Kentucky comes with many questions for both a buyer and seller. These questions may be: What are mandated disclosures in real estate? What do you have to disclose when selling a house? Is a property disclosure statement required? What do homeowners have to disclose? Our rule of thumb? Be as open and honest as possible. In our latest post, we will cover the laws and rules in real estate disclosures in Cincinnati or Northern Kentucky.
Being an open and honest seller will not only help you avoid a lawsuit, but it will also make you a trustworthy, stand-up, all-around person. Hiding defects, looming repairs, and any other issues with the home will only come back to bite you in the end. Whether through a lawsuit or good ol’ karma… if you believe in that sort of thing.
Most real estate lawsuits occur because of non-disclosure.
So exactly how much are you required to disclose legally? Basically, anything that can affect the value of the property. Here are just a few of the things you should address:
- Issues with the land, such as drainage, bad soil, and potential for flooding. Bad soil can limit building and low-lying areas can be prone to flooding and water damage.
- Foundation level and known cracks must be disclosed. If the house settles more than it already has, it could experience structural damage.
- Plumbing problems, sewer issues, and leaky pipes all need to be brought to the forefront. Some of the most expensive home repairs stem from water damage.
- Any problems or irregularities with the heating and cooling systems should be addressed.
- If you have a problem with cockroaches, rats, ants, termites or moles, you will need to inform your potential buyer.
- Have a leaky roof or missing shingles? Tell your buyer before they find out during a rainstorm.
- Lead paint is a no-brainer. This disclosure is one of the most common you will see with home sales and rentals.
- Are there issues that will affect the title? Or rightful ownership? This needs to be spelled out upfront, not during the closing process.
- You should also have documentation for repairs and insurance claims you’ve made in the past. You should be able to describe what was done and the materials used.
- You should also disclose to the buyer if you deemed your house to be haunted. if you had an exorcism performed or some ghostly experiences, etc. However, rules on this vary from state to state so you might want to check the statute in your state to determine if any paranormal activity must be included in a disclosure statement.
Additionally, some states will require more in-depth disclosure of hazard zones which include flooding, earthquakes, and other environmental factors affecting the land. Some states will also require any violent crimes committed in the home to be common knowledge. Not every state requires this, but it is a good rule of thumb to follow. Think about what you would want to know if you were buying a home for yourself!
Disclosures help a buyer learn as much as possible about a house before making their purchase.
You are selling a great home right? When you keep something to yourself, a minor, needed repair can snowball into much bigger problems. Many properties have something pop up during the inspection that the seller wasn’t prepared for. Imagine, your asking price slashed because of a defect you were unaware of. Your house is a multi-faceted machine. Many sellers choose to have their home inspected prior to a sale. This allows them to make the necessary repairs ahead of time, lessening potential buyer’s bargaining ability. An inspection will also show good-faith in selling. You are telling the world you want your home to be in the greatest possible condition before it is sold.
Disclosure rules vary from state to state. Your agent, attorney, or broker will be able to supply you a checklist that covers the requirements for your state. Review the list in its entirety and add as many detailed notes as possible. Don’t forget to include the dates of upgrades and repairs. Fill out the form as honestly and as completely as possible. If you have questions, it is best to talk to a lawyer instead of your agent. Your agent might avoid such questions as they are out of their scope, and they want to lessen their liability.
Remember, YOU CAN GET SUED for being dishonest.
A property disclosure will detail any known defects or malfunctions on the home. Failure to do so can lead to legal entanglements and expenses when selling your house. And if you are found liable, you will need to pay for repairs, legal expenses, punitive damages, and in some cases, the sale can be rescinded. Make sure you are working with a trusted professional to help guide you through the process.
If you are working with a real estate investor to sell your home for cash, you might not have to worry about real estate disclosures in Cincinnati or Northern Kentucky. In our contract as a Cincinnati and NKY cash home buyer, we waive the need for property disclosure. This is a major advantage to selling your home to an investor. You can sell it fast for cash, and if you work with us, you don’t have to fill out a property disclosure. It’s on us to find any issues to the home prior to the sale, and if we don’t find them, they are our responsibility, not yours. However, if you are working with a Cincinnati real estate agent to put your home on the MLS and try to get a higher sale price, you will definitely have to fill out a property disclosure.
We have real estate experts over the Greater Cincinnati area and like Florence, Erlanger, Milford, Mason, Loveland, Oakley, Fort Wright, and more. We would gladly help you so you can take control of your situation, end the hassles, and get back to living the life you want to live. You deserve to know all of the options available to you right now!