What do you need to tell prospective buyers about your home when selling it?

When it comes to selling your home, ensuring transparency with potential buyers is crucial. Today, we'll explore three key points that are essential for a successful seller's disclosure statement. 1. Homeowner's association details. If your property is in a homeowner's association area, disclosing this information to prospective buyers is vital. Transparency is key, and buyers need access to details such as current homeowner association fees, any proposed changes to fees or budgets, and the rules and covenants of the association. Providing insight into the association's way of functioning allows buyers to make informed decisions and ensures a smoother transaction.

2. Repairs and maintenance. In the current real estate market, buyers are increasingly focused on major components of a home and their condition. Disclosing information about the age and replacement of key elements such as the roof, AC, electrical system, plumbing, and hot water heater is crucial. Any past structural defects, repairs, or updates should be communicated to potential buyers. Consider getting a pre-listing home inspection to address and rectify issues before the property hits the market, making it more appealing to buyers.

"The goal is to add transparency to the transaction."

3. Pre-1978 homes and lead-based paint. Federal regulations require a lead-based paint disclosure if your home was built before 1978. Sellers must provide a lead-based paint pamphlet along with the disclosure, informing buyers about potential hazards. Compliance with this regulation is essential even if you're selling the home yourself. While sellers may not always be aware of lead-based paint issues, providing the required pamphlet allows buyers to make informed decisions and, if necessary, conduct additional lead-based paint assessments. Bonus tip: Senate Bill 40 for condos. In Florida, Senate Bill 40 is a critical consideration for condos or cooperatives that are three stories or higher. This legislation mandates milestone and inspections sections completed by a licensed structural engineer or architect for condos aged 25-30 years. These inspections assess the financial reserves, safety of buildings, and roofing structures, ensuring the property is adequately prepared for major repairs or maintenance. Understanding Senate Bill 40 is crucial for both sellers and real estate professionals, especially as these regulations become more stringent after 2024. Honesty and disclosure are paramount when selling a home. Failing to disclose important information could lead to legal complications. Whether you're navigating homeowner's association details, repairs, or pre-1978 built homes, transparency sets the foundation for a successful home sale. If you have any questions or need assistance, don't hesitate to reach out for guidance.