Sellers: Know About it? 5 Things Home Sellers Are Legally Required To Disclose
When it comes to selling your home, heed your mother’s advice: Do unto others as you would like to be done to you. Be honest.
1. Lead Paint - Georgia has a lead paint disclosure. Lead paint is a leading cause of hindering children's development and causing health issues. This disclosure must be signed by all parties in the transaction.
2. Water Intrusion - water giveth and it taketh away. Think about how necessary water is to life yet how destructive it is in the case of hurricanes, floods and tsunamis. Whenever there is water that has entered your home, where it was not supposed to be - it must be disclosed.
3. Insurance claims - Your claims can affect your future buyer's premium which also effects their financial qualification. If you have had any water intrusion, break ins, etc and have filed a claim, you must disclose.
4. Pests - I tell you, termites love Georgia! A $125 a year bond can keep the buggers away that usually result in $1000+ repairs as a higher cost to get a new bond. Keep a termite bond on your property (it is generally included in condo and townhome communities via the homeowner association dues) and you must disclosure if you have had termite damage during your ownership.
5. Breaking Bad - A Meth Situation - Oh yeah, this is a newer one for Georgia and I do not say this in jest. It has not been as prevelant in Metro Atlanta homes but nonetheless, if a home has had methamphetamine produced in the home at any time, it must be disclosed.
This list is by no means an exhaustive list. Let us help you navigate the disclosures required by law.
We provide our Sellers and we request for our Buyers - the Georgia Association of Realtors Seller's Property Disclosure - an extensive, nearly 10 page document allowing Sellers to answer yes or no and explain any situations that have been remedied or still require care.
If you are thinking about selling your home, we are happy to share this so you can prepare your home for the questions you are bound to receive and the things that will become identified in an inspection report.
Contact us today on the form below so we can help walk you through the process and give you the perspective for your condo, townhome, single family residence or apartment building!
For an additional perspective, check out the Trulia article on the things they say you must disclose. Remember this is from a national - not local - perspective. There are some things that are not included under Georgia law that need to be disclosed and some things that are included in this article that do not need to be disclosed under Georgia law: https://www.trulia.com/blog/legally-include-sellers-disclosure/
As they say, honesty is the best policy!