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Anyone who’s spent time around real estate professionals will likely have heard the adage “disclose, disclose, disclose!” This proverb becomes especially important if one intends to make their home sale process as quick and easy as possible. Often, failure to disclose all the required information about your property could result in tough legal battles, and or buyers dropping their offers completely.
Below, we have attached 4 things home sellers need to know about real estate disclosures in Minneapolis.
One of the main things buyers expect when they purchase real estate is that they will enjoy their new property. Should you be aware of any issue with the property and or location that could affect their overall enjoyment, this is something that sellers are obligated to add to the list of real estate disclosures given to buyers in Minneapolis. For example: is there a high school ( or a frat-house) nearby with a band that produces extremely loud noise? are there any sources of odor or smoke fumes that may overwhelm the neighborhood at certain times? does your bright and cheery neighborhood by day become a dangerous landscape at night, due to the presence of criminal activity?
Making buyers aware of existing or potential dangers inherent to the property is another aspect sellers need to add to their real estate disclosures in Minneapolis. The laws on this subject vary widely, so it is important that you make yourself aware of those that specifically effect your property and neighborhood, by consulting a real estate professional within your immediate district. There are also federal laws to consider, such as those governing lead paint.
Basically, if you are aware of any natural dangers on the property itself or within its surrounding location ( such as being near a fault line in areas where earthquakes are more common) you must reveal this information. Problems that have led to the contamination of the property, whether they’re caused by local commercial activity or a natural source, must also be included. Likewise, issues with pests and their treatment methods must be added to complete your real estate disclosure.
While not a typical subject when it comes to financial transactions, should your home be inhabited by ghosts ( try not to laugh; this is a very serious issue) you will need to report your knowledge of the haunting as per the laws governing real estate disclosure in your state. Only 4 states include paranormal activity in their real estate disclosure laws: New York, New Jersey, Massachusetts and Minnesota. If your selling your house in Minneapolis, you will have to disclose any prior knowledge of hauntings associated with your property.
Commonly, deaths caused by issues unrelated to the property itself ( e.g: cancer, heart attacks, car accidents) are likely not required in real estate disclosures. However, should the cause have been due to a condition of the property ( either structurally or otherwise) in most cases, this must be disclosed. Sellers would be wise to educate themselves on the specifics of the real estate laws about death, when it comes to real estate disclosures in Minneapolis.
What was fixed? Why? And When?
These are some of the other pieces of information sellers are required to add in their real estate disclosures, in Minneapolis. It is possible to have a certain issue within a home that may continually rear its ugly heads.
” Was there an issue with water damage in the past?”
“ What was the source and was there mold?”
“ Was the damage properly remediated by professionals?”
While it may be easy to temporarily hide an issue by deviously timing the showing of your property, finding yourself tangled up in the web of being sued is a nightmare. Problems in the past which you’re aware of, among the facts about the history of your property, are some of the most important things that you will need to bring to the attention of your buyer in your property disclosure.
Most home sellers forget that even if you are selling “as is,” any known issues with the home that may devalue the property’s worth must be disclosed. There is a risk of being sued, should you fail to disclose important information, even when you sell your house to an all Cash Professional Home Buyer Company.
If something is missing from your property, which may not be noticeable on a quick walkthrough, you must disclose this. If there are damages that you are aware of but that may not be visible to your buyer, you must also disclose this information as well.
While you may consider holding back information you’re aware of, which may not be legally required in your state, it’s wise to disclose all relevant information in order to fend off any possibility of future court proceedings. In other words, you need to disclose EVERYTHING – which may end up lowering your asking price. If you’d rather forgo some of the issues associated with this disclosure process, it’s best to sell your house in Minneapolis directly to FastPath Home Buyers. We accept houses “as is”! Learn more about how we can help you by sending us a message or giving us a call at (612) 351-2384 today!