To Disclose or Not to Disclose: A Seller’s Guide
It’s time to sell your home and you’re wondering if that leaky roof or the squirrel infestation you took care of a few years back are necessary items to disclose to potential buyers. While all states have different requirements, you are generally required by law to disclose all information you’re personally knowledgeable of that could impact the resale value of the home. Here are common disclosures required in the State of Illinois.
The one federal disclosure law is to inform buyers of any known lead-based paint and hazards in a home if built prior to 1978. Special disclosure forms must be completed for this issue. Visit http://www.epa.gov/lead and discuss with your agent and attorney for more information on this particular disclosure.
Location and Zoning
Other items that sellers most often disclose are in relation to the location of the property. These can be natural hazards that put the home at risk, zoning changes for the property, or whether the home is located in a historic district. Location dependent issues can impact the buyer’s decision as they may be unaware or have future construction plans.
Crime and Death
In addition, the seller must state if the home was the scene of a crime at any time or if there was a death in the home. These disclosures allow the buyer to feel safe and could have a major influence on the value of the home if something is uncovered in the future.
Structural and Functional
Issues that could impact the structure of the home, such as termites, foundation issues, or recent flooding, must be disclosed. In addition, hazardous materials, including mold, asbestos and radon must be revealed to potential sellers as well, whether or not they have been mitigated.
It’s always safe to err on the side of full disclosure. If you have doubt to disclose or not to disclose, documenting known problems will ensure you are a trustworthy seller and protect you from potential future liability. If you have any questions about what to disclose with the sale of your home, contact Anselmo Lindberg & Associates. We have experts with a decade of experience, we’ve seen it all, and we can help you sell your home without the worry.