Seller’s Disclosures: What Do You Have to Tell about Your Bloomfield Hills Real Estate?
Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on November 1st, 2010 There was a time when Bloomfield Hills real estate was ruled by the phrase “buyer beware.” This meant the seller did not have to share any information about defects in the home. Today, however, more than two-thirds of all states in the U.S. require some form of seller disclosure. This means that sellers are required to share certain information with potential buyers. What do you have to share when selling your Bloomfield Hills real estate?
1) Lead-based paint. For all homes built before 1978, a disclosure is required. This gives the buyer 10 days to have the home inspected for lead-based paint. Some real estate brokers require this disclosure for all homes because lead-based paint is still sold in some places.
2) Material facts. Material facts are items which may affect a buyer’s decision to purchase a property. What material facts are required varies from state to state, so talk to your Bloomfield Hills real estate agent about the laws for your state. Material facts can include any of the following:
- Death in the home. Some states require sellers to disclose if anyone died in the home. Buyers may be uncomfortable buying a home in which someone has died.
- External issues. You may need to disclose issues that could affect the property, like earthquakes, zoning changes, flood zones and pollution.
- Foundation problems. Damaged slabs and accompanying moisture problems may need to be shared with the buyers.
- Repairs. You don’t have to disclose every repair you’ve made to your home, especially since a repair means the problem has been taken care of. However, you can let buyers know when you had a new roof put on or the air conditioner replaced.
Don’t go through the process of selling your home on your own. Call me today at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information about what you have to disclose when selling your home.
Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
Selling Your Southeast Michigan Real Estate: How to Avoid Deal-Killing Surprises said,
July 28, 2011 @ 7:21 am
[…] you put your home on the Southeast Michigan real estate market. Then make all repairs needed; or disclose the problems up front, and tell the potential buyers how much you’ve reduced the price instead of making the […]