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Leach & Sullivan

What to disclose when selling a home

| Aug 7, 2020 | Uncategorized

If you are in the process of selling your Oklahoma property, you may be wondering what you have to disclose to a buyer. Generally speaking, you are required to disclose any issues about the home that you have knowledge of. By being as transparent as possible, you may reduce the risk of being sued by your home’s new owner after the sale closes.

Don’t attempt to mask an issue

A buyer who can prove that you failed to disclose water damage or similar problems may have a strong case against you in court. However, you can make things even worse for yourself by covering up evidence that the problem exists. For instance, painting a wall that has a water stain on it can be seen as an act of bad faith.

Don’t assume a problem has resolved itself

You shouldn’t assume that a water leak has somehow fixed itself because you haven’t seen evidence of the problem in many months or years. You also shouldn’t assume that mold growth or a problem with the foundation isn’t worth disclosing because it hasn’t been an issue lately. If you haven’t taken time to correct an issue that you know about, it is better to disclose it instead of hoping that the buyer won’t learn about it later.

Disclose potential issues with neighbors

It is generally a good idea to let a buyer know about the dog next door that barks throughout the night. A buyer should also be told about the airplane that flies over the house once or twice a day at a relatively low altitude. Finally, be sure to talk to a buyer about any nosy neighbors or other problems that he or she might have with others who live close by.

A real estate law attorney may be able to help you determine what to disclose to buyers when selling your home. He or she may also represent you in court if disputes occur after a transaction has closed.