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Disclosing information

By Dee Collard

As a seller, it is very exciting to have found a buyer and finally be negotiating a price, but there are some things that you need to do in order to avoid any possibility of legal action being taken against you.The first and most important is to disclose important information regarding the property.

So what needs to be disclosed?

-The condition of the house, such as whether there is a roof or basement leak, problems with the plumbing, the septic system, possible damage to the wood done by insects, condition of the heating and electrical system, and other similar items.

-The presence of pests, molds, asbestos, and the presence of lead in older homes.

-Title issues such as liens, encroachments, lawsuits, etc. (Although these issues will naturally arise in a title search, you should be up front)

As a seller, it is a good idea to do your own inspection, preferably with a professional inspector, and to make sure you are familiar with your property and to disclose all of the most important information about your property to your prospective buyer. If there are relevant facts about the house you knew but intentionally did not tell the buyer, they can walk out of the deal or accuse you of fraud. This of course comes with painful legal and financial implications, which you should try to avoid at all costs.

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