When marketing listings, home owners and agents have a legal obligation to provide all material facts about a property. The majority of legal battles pertain to buyers believing that a homeowner intentionally kept facts. The following are details on required seller disclosure for Franklin TN and Middle Tennessee area properties.
The Need to Disclose
Disclosure is crucial. In minor cases, failure to disclose problems about a residence can merely lead to a party pursuing reimbursement for repairs. In more serious cases, it can lead to bodily injury. There was a case where an HVAC system problem resulted in the death of the home buyer and the seller was found guilty of involuntary manslaughter. Sellers may presume that disclosing certain problems can hurt the ability to sell or the amount for which it sells, but not disclosing facts may have much worse outcomes.
How to Disclose
Sellers may use specific forms for disclosing facts on a home. It may also be detailed in Purchase and Sales agreements. Detailing all problems, even repaired items, is the smartest way to sell a home. Buyers will typically find them anyway after inspections, upon moving in, or when speaking to neighbors. Furthermore, buyers tend to negotiate repairs differently after inspections than if known before making an offer. To help facilitate disclosure, keep receipts from purchases or contract work.
Details On Required Seller Disclosure
Being honest about the condition of a home ensures a smoother sale and prevents liability later. Sellers need not provide personal information such as the reasons for the sale, but must provide everything in their knowledge about the property itself. This blog about required seller disclosure was provided by Blueprint Realty, Inc. and is intended as an overview.