When selling listings, home owners and brokers have a specific requirement to disclose everything known about a residence. The majority of legal battles pertain to home buyers suspecting that a seller intentionally hid details. The following are seller disclosure requirements for Massachusetts properties.
Why Sellers Must Disclose
Disclosure is crucial. In minor cases, not disclosing facts about a residence might simply result in a party spending more money addressing an issue. In more serious cases, it may lead to bodily injury. There was one instance where a heating system problem resulted in the death of the new home owners and to the seller receiving a jail sentence for manslaughter. Sellers often assume that disclosing certain facts influences the ability to sell or the sale price, but hiding issues may lead to more severe repercussions.
How to Disclose
Sellers can use specific forms for reporting facts on a home. It may also be included in Purchase and Sales agreements. Reporting all issues, even resolved issues, is the safest way to transfer real estate. Buyers will probably uncover the problems anyway after inspections, after they move in, or when speaking to neighbors. Additionally, buyers commonly negotiate repairs differently when they discover a problem themselves than if known prior to making an offer. To help facilitate disclosure, maintain receipts from purchases or contract work.
Seller Disclosure Requirements For Massachusetts Properties
Being forthcoming about issues in a property leads to a smoother sale and protects against issues after closing. Sellers need not disclose personal facts such as the motivation to sell, but must provide everything in their knowledge about the property itself. This article with seller disclosure requirements for Massachusetts properties was written by Christopher Graves at Sierra Pacific Mortgage Company and is intended as an overview. For more recommendations on listing a property, contact Christopher at 978-376-5389 or email@example.com.