You were surfing the net and you read about seller’s disclosures and you want to know what are seller’s disclosures and why do I have to fill them out. If list your Waterford home you have to fill out seller’s disclosures. It is a law. If you do not fill them out you are opening yourself up to being sued. You are breaking the law.
The number on thing you should do when filling out a seller’s disclosure is be truthful. If you are in doubt about disclosing something disclose it!
The courts have found that if a seller has not disclosed all the facts they usually find for the home buyer. The buyer is going to win the court case if you do not disclose everything fully.
There can be no white lies, no “I forgots”, no omissions. You have to reveal what you know. Sure it may turn off a few people, but it’s better than having to buy the house back and pay attorney’s fees and court costs on top of that too. Yes there have been court cases where the seller had to buy their home back and pay all the legal fees too.
Even if you sell your Waterford home “For sale by owner” you are required to fill out a seller’s disclosure. If you inherited the property, or just flipped it you have to fill it out. The only institutions that do not have to fill out seller’s disclosures are foreclosures. Banks are exempt from filling out seller’s disclosures.
If there is a problem and you knew about it then the court will most likely have you fixing the problem. So it is better to disclose it now. Sure you might have to fix it, but it is still cheaper to fix it without paying legal fees on top of it. Not to mention all the time and aggravation that you will go through over your old Waterford home.
So the key is when selling your Waterford home is to disclose, disclose, disclose. Answer the questions truthfully on the seller’s disclosures when selling your Waterford home.