s a for sale by owner home information like the age of the
seller, you are responsible property, problems with the
for completing many of the property or components,
steps that a real estate agent appendages that might extend
would typically handle for you. beyond property boundaries, and
whether or not the home is on an
Most likely you’ve already fixed earthquake fault, in a flood
up the inside and outside of the zone, or in an airport path.
home, set a reasonable price for
the home, and begun advertising Any of these facts could affect
your homes. the buyers decision to purchase
the home and must be disclosed.
(there is a free ebook: 101 Tips
For Selling Your House,for you to Depending on the state where you
download, from a link at the are selling your for sale by
bottom of this page). owner home, you might need to
Now you’re ready to accept an fill out property disclosure
offer on the home, right? Well, forms about your home.
not quite. Before you begin
entertaining offers from Even if you are not required to
prospective buyers, you first to give prospective buyers formal
need to prepare property property disclosure forms, as you
disclosures. would if you were working with a
real estate agent, your state’s
Property disclosures for a for law probably requires you to at
sale by owner home include least tell buyers information.
information that pertains to the
property condition or location. If you are not sure what property
disclosures you have to give you
This includes pieces of can consult a real estate
professional such as an agent or This is any information about the
an attorney. These professionals home that would affect the
are well versed in real estate buyer’s decision to purchase or
law and can give you guidance on the price offered.
the necessary information to give
your buyers. This means that you have to tell
buyers any defects about the
An example of a property home, especially if these defects
disclosure that you must fill out could potentially cause the buyer
is the lead-based paid disclosure not to purchase. At first
if your home was built prior to thought, you might be cautious to
1978. reveal this information as it
could cost you a sale.
This is a property disclosure
that is required by federal law Consider the alternative of being
and must be provided regardless sued for thousands of dollars
of the state where you selling because the buyer was negatively
your home. impacted by a material fact that
you did not disclose.
With this property disclosure,
the buyer is given 10 days to While it might not first seem
conduct an inspection for lead like it, property disclosures are
based paint. You could face a designed to protect both the
lawsuit if this is not done and buyer and the seller of the home
the buyer later discovers that for sale by owner.
the home indeed has lead paint.
Buyers are given all the facts
Buyers must also be given they need to make an informed
material facts. purchase decision. Sellers are
protected from lawsuits by buyers
that claim they were not property disclosures given to
informed. your buyers, especially the buyer
that ends up closing the deal.
You should keep a record of
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