Selling- The Seller's Disclosure

In a real estate transaction, the seller can and should disclose information that they know about the house to potential buyers. In fact, it’s required by law. The Sellers Property Disclosure statement is a document that we use to disclose information to potential buyers about the house.

Why is it in the seller's best interest to disclose as much as possible? The reason is if a buyer finds something wrong after closing, and it's on the sellers disclosure statement, they can't come back after you for compensation. Also the Full disclosure statement gives the buyer a lot of information about the house where they can make an educated decision about the condition of various items in the house.

An example of a good disclosure statement would be something like the following: if you knew the roof had a leak at one point, simply disclose that and say something like “roof leak in the northwest corner about nine years ago. Roof was replaced and we've had no problems since.”

In this example, we state what was wrong, and what was done to addressed the issue, and that there haven't been any problems since.

If there is still a problem, one should state that. An example of this would be: “We have ants that come in every spring near the kitchen, we use a pest control company to take care of it, but this should be done every year.”

This example we state what was wrong, and what was done to address the issue, but that it's still an ongoing issue. Then the buyer can decide that that's an issue that they want to address in their offer.

Contact   Info

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7700 France Ave S #230
Edina, MN 55435
(952) 915-2252 (direct office)
(952) 884-8404 (office front desk)

Steven Hong, REALTOR
Team lead
Old Home Certified
(612) 990-9009

Each office independently owned and operated.  All information is deemed reliable but not guaranteed, and should be independently reviewed and verified. Equal opportunity housing. 

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