Real estate disclosure statement are powerful documents sellers of homes for sale in Clarkston sign during a transaction. Albeit not all US states require it, disclosures help in increasing transparency between sellers and buyers. As it name suggests, it’s disclosing what a seller knew about the condition of the property, especially damages and defects which buyers cannot easily notice.
Such document is helpful for buyers and sellers in many ways. And these are importance of disclosure statements which you must understand.
How Disclosures help Sellers and Buyers of homes for sale in Clarkston
What Disclosure Statement Means for Sellers?
In a nutshell, sellers provide disclosure statement to honestly tell about the condition of their properties to buyers. It is a list of points which sellers must fill, and includes potential hazardous paint, electrical circuit problems, structural issues, as well as past issues such as criminal records of a home. Sellers can have a copy of a disclosure statement from their real estate agent or local real estate offices. Downloadable copies are available as well.
Disclosure statements help sellers to check everything in the home before putting it on the market. It can act as a guide about the essential points to check, so they can do proper repairs. However, it is best to hire a home inspector in checking items in a disclosure statement. These experts know how to inspect such factors professionally.
For example, you’ve filled such document for your property in Clarkston, and an inspector have made it clear that your home only has few issues. You’d smoothly pass the home inspection done by buyers of homes for sale in Clarkston without issues.
Lastly, having a truthful disclosure statement means avoiding lawsuits few years after selling the house. That is because of the buyers’ rights regarding disclosure statements, which would be explained below.
What Disclosure Statement means for Buyers?
On the other side of the coin, disclosure statements help buyers know about the condition of the property they’re after. Say, a buyer wants one of the houses for sale in Clarkston MI, they would love to make sure of buying a home on good condition. Or at least, they want to be aware about its hidden or past issues.
For example, a home has rodent infestation and a buyer wants to buy and flip it for their own family. Of course, the buyer must know about such infestation to do some steps for their family’s welfare. They can do it after buying the house, or have the seller do it before closing.
Say, issues arise even years after the purchase, and the seller haven’t disclosed it to the buyer. The latter can sue the seller for damages. This is favorable for the buyer in any ways. First, this helps them make sure of buying a house on good condition. And second, it gives the buyer a legal leverage when the seller turns out to be dishonest about it.
Finally, disclosure statements are helpful for negotiating as well. Buyers can hire a home inspector, then confirm what’s written on the document. If issues are found, the buyer can ask the seller to fix it, or negotiate to pull down the price.
Disclosure statement is helpful for both sellers and buyers of homes for sale in Clarkston. So, regardless of you buying or selling a home, be sure to involve such important paperwork along the transaction.
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