Overland Park Real Estate Disclosure RuleHOW MUCH SHOULD YOU DISCLOSE?
Tell All is definitely the rule for anyone who is selling Overland Park real estate in today’s market. Let the Buyer Beware can easily come back and bite you in a delicate spot—your pocketbook.
DISCLOSE MATERIAL DEFECTS
Today, those selling a home or any Overland Park real estate are expected to disclose all known material defects that are not readily apparent to the buyer. A Material Defect is usually a physical condition that would affect a buyer’s decision to purchase the home or what price to pay for the home. A leaky roof is definitely a Material Defect. If a seller tries to disguise the leak by painting the interior ceiling and walls without fixing the leak, the truth will come out the next time it rains. Chances are the first call the buyer makes will be to his attorney.
DISCLOSE BUILDING CODE VIOLATIONS
Other types of Material Defects might include any known structural deficiencies or building code violations. Material Defects might also include defects in walls, ceilings, floors, windows, foundations or electrical or plumbing systems. If you are selling in the summer and the place usually floods in the winter that is a material defect that is not going to be obvious to a prospective buyer.
BETTER TO DISCLOSE THAN NOT DISCLOSE
When you are contemplating the possibility of selling your Overland Park real estate you might want to ask yourself what you would want to know about the property if you were planning to buy it. If a condition or situation would be important to you, disclose it and disclose it in writing. As a seller, this is your strongest protection against future litigation.
HOME INSPECTION PROTECTS BUYERS
If you are contemplating the purchase of an existing home or any Overland Park real estate, I strongly recommend that you utilize the services of a trusted home inspector. The final purchase of any home should be based on obtaining a favorable home inspection.
What if the home inspector discovers a problem? That happens and as long as it happens before the sale is final the seller can fix the problem or the buyer who agrees to take the property as is can negotiate the price.