Seller Disclosure of Past Repairs
This article authored by: Catherine Hallberg
Do we have to disclose something that used to be a problem, but that is no longer a problem? Sellers are sometimes reluctant to disclose things that, in their minds, have been “taken care of.”
Perhaps there was some minor water damage which wasn’t great enough to file an insurance claim.
You could have hired a handyman or even done the work yourself. Now it’s not an issue, or is it?
Hidden mold issues could have resulted which might not be readily apparent. It’s always best to disclose any repairs as it will prevent liability issues which could occur after closing.
Buyers like to see that a home has been well-maintained. A Seller’s Property Disclosure with no repairs can make a potential buyer suspicious rather than comfortable with the condition of the home. Sellers are required to disclose any material facts about their home.
A material fact is anything that, if known, would affect the consideration to be paid for a property, the use of the property, or the decision of the party to move forward with the transaction. Arizona state law requires that all material facts be disclosed, unless exempted by law.
You can never go wrong disclosing everything you’ve done to a home. It protects you against future claims and assures potential buyers that you’ve kept your home in move-in ready condition.
When in doubt, DISCLOSE!!
Rob and Catherine Hallberg are Associate Brokers with Long Realty, a Berkshire-Hathaway Affiliate and Southern Arizona’s largest Brokerage. Since 2008, they have been ranked in the top 5% to 8% of all U.S. REALTORS®. Send Rob and Catherine an email for a fast response to your questions; for an even faster response, Call (520) 407-8667