Today I want to talk about sellers disclosures and what sellers should reveal to their buyers so they don't get in trouble Find Out what Your Utah Home is Worth
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Today I want to talk about sellers disclosures and what sellers should reveal to their buyers so they don't get in trouble. Hi I'm David Pestana Broker owner and team leader of Rise Utah realty when I invite you to give us a call if you ever need any help buying selling or investing in real estate. We would love to help you and get you the best property. The main thing that you need to really get out of this video is that you need to disclose as a seller. In fact it's your legal responsibility to tell buyers about your property and so disclosure is just revealing to the buyers everything you know about your property. It could be good things. So there's nothing wrong. It can be bad things and bad things that you fix. So they're good again. Or it could be bad things that exist currently that probably need to be fixed but you haven't done it. So all of those things need to be disclosed. Disclosure is very good because it puts the responsibility off of you and onto the buyer. OK. To help you as a seller disclose things to a buyer. The state has come up with a form and I have it here it's called the seller property condition disclosure. This form is a guide for you as a seller to disclose things to the buyers. Seven pages and it goes in detail. It's yes or no questions. And there are many sections to this and usually they involve you know things from water leaks to mold to roof to interior issues covers the whole gamut to the soil and the ground. I'm going to provide you a link below for you to click on and get a copy of this and so you can read through it and see what a seller's disclosures is for you when you don't feel like disclosing it usually because you have a thought that this is going to negatively affect the transaction. And quite honestly it could be true. There have been sellers that we've worked with that had a knowledge that the foundation on their house was cracked really important right. Because it could affect the stability of your house. Well they disclosed that. And the fact is is it didn't negatively affect the purchase price of their house. But if they had not disclosed it and the buyers found out after the purchase that the sellers knew that it was cracked. The issues like that what they call us survive closing. So the buyer still could go to the sellers and sue them and they would have to fix it. So some issues that are major you really need to disclose even if it's going to hurt your purchase price or you'll be asked to fix it. Because in the end if they find out later you know you're going to be on the hook for that. And if they don't find out you know it's it's it's really not being honest either you need to be honest in this transaction. And so that you have no liability after the transaction because that's what again what disclosure does this transfers the liability from you to the buyers. So you know exactly what they're buying. So in summary I want to recommend to you that you disclose disclose disclose if you ever have a question about what to disclose and what not to disclose or recommend that you talk to your realtor so that they can guide you in that decision. There are some times where it's not necessary but just make sure that if you have questions to ask them OK we're here to help please feel free to call me or anyone on my team. We would love to guide you in this process and negotiating the best deal for your house in this due diligence process. OK. Thank you for watching. Please subscribe and make comments if you have questions about disclosures show them in the comments below and I'll respond and give you the right directions. Take care. Have a great day.
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