As a seller, you are legally bound to disclose any and all defects in your home prior to the sale. Buyers can sue for damages and conceivably force the seller to reclaim the house.
Though this is highly unlikely, it has been known to happen. To try and minimize the possibility of such lawsuits from taking place, many states now have mandatory disclosure laws. Sellers must make sure that the buyer is aware of any defects on the property, from water damage to structural problems and everything in between.In most states,a disclosure form is a required part of the sales documents. Falsifying information on the disclosure form constitutes fraud.
Being honest won’t scare away serious buyers. Only the most naive believe that they can find a flaw-free house. By keeping it factual, you can comply with the law and win your buyer’s trust in the process.
Some buyers will try to use the disclosure form as a wedge to get you to lower your price after you have accepted their offer. If the buyer’s inspector discovers problems you did not know about, you will likely have to negotiation repairs. the buyers will be bringing in their own contractors and establishing their own expectations for how much the repairs cost. If you do find yourself negotiating over repairs, you have several options:
