When deciding to sell a piece of Santa Cruz real estate, there are certain things you must disclose about the property to the buyer before the sale can go through. Disclosure laws are put in place to protect the buyer from unknowingly purchasing defective property. Not disclosing certain information about the property can jeopardize the sale, or worse, invite a lawsuit.
Some laws are different depending on where you live. The best way to know what you need to disclose in your area is to check with your REALTOR or property attorney and fill out the seller disclosure form. The main items that need to be disclosed are any defects with the home. This includes, but is not limited to, plumbing problems, water leaks, cracks in the foundation, insect infestations and toxic materials in the home — such as lead, asbestos, carbon monoxide or mold.
Be sure to fully disclose anything that may be pertinent to the buyer before purchase. Some disclosure laws include reporting issues with neighbors and whether the home has a criminal or notorious past. If you are unsure about some information regarding your Santa Cruz real estate, you can simply state that you do not know that information. Remember, if you knowingly withhold information, it can cause the sale to fall through or could be used against you in a lawsuit.
Sellers can also have their home inspected prior to placing the property on the market to prevent any surprises of unknown problems with the home. This way, defects can be fixed before listing the property, and the disclosure form can state the problem has been fixed. Buyers will likely also hire an inspector prior to closing.
Disclosing information does not mean the seller needs to fix the problem. Any disclosed problems with the Santa Cruz real estate can become a negotiation point. Remember, the most important thing is to be honest about any known issues with the property.
If you have any questions regarding disclosure laws, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.
For additional real estate information, please visit my home page at www.MySantaCruzRealEstate.com.