What should you include in your property condition disclosure?

On Behalf of | Sep 29, 2020 | Residential Real Estate

Selling real property in New York can be a difficult process. You need to work on the property to get it in the best condition possible to maximize your sales price and then find professionals who can help you with the process of listing and selling your home. Then, you need to connect with buyers who want a home in the condition, neighborhood and price range that you have to offer. 

In order to make sure that the people who try to buy your home make an informed decision about a major life investment, you have an obligation to disclose known defects to potential buyers, even if you intend to sell the property for cash or in as-is condition.

What sorts of defects do you have an obligation to report? Here’s what you need to know:

You should report any issues that affect safety or property value

Sellers have an obligation to inform buyers about everything from the condition of the foundation and electrical systems to whether or not there is lead paint or lead plumbing in the house. Previous infestations, a leaky spot in the roof and even mold could impact the habitability of a home and its value. 

It can be hard in the moment to think of every issue you’ve ever experienced with the property that might be noteworthy for the buyer, but thankfully, New York provides a standardized form that highlights major issues that you should warn buyers about when listing a property for sale. 

Discussing your concerns about a property with known defects can help you make the best possible decisions when selling real estate in New York. When you have questions about real estate deals, make sure you work with an experienced attorney.