Here are three things sellers need to disclose during a sale.
What is the seller’s declaration? In short, it’s a document where the seller declares every issue they know about their property. If the seller doesn’t fill it out correctly, it could sink an otherwise successful sale. That’s why today I want to go over three mistakes sellers make with their declarations and explain how you can avoid them:
1. Mention special assessments. If you own a condo, it’s possible that your condo association has voted to do some major repairs. These likely come with a cost, and your buyer could be paying it after your sale. If you don’t disclose these potential costs to your buyer, you could face legal liability.
“If you don’t disclose something, you could be legally liable. ”
2. Don’t overlook major repairs. If you know that there are asbestos or foundation issues in your home, it’s best to be upfront. No one can blame you for asbestos in the attic if you disclose it from the beginning. Similarly, if you’ve had any major work done to your property, you should disclose them. It will increase your property value, and your buyer won’t be surprised by any modifications.
3. Disclose any expert reports. During your ownership, you may have had your property inspected for any number of issues. If you hired an expert and received a report on their findings, you need to disclose their findings to your buyer.
When in doubt, be as transparent as possible. If you have questions about today’s topic or anything else, please call me at (514) 917-6284 or email mathieu.pregent@century21.ca. I look forward to hearing from you!
