AgentIndustry News

Dos and don’ts of seller disclosures

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Almost every state in the U.S. requires both sellers and their agents to make disclosures about the condition of the for-sale home. How you make these disclosures can move your transaction forward or land you in a lawsuit. The company I worked for in California once did a study to determine the factors that were most likely to result in litigation. There were three primary predictors: real estate clients who are attorneys, new construction, and hillside properties. They also found that the closer the property was to Century City (where there was a high concentration of attorneys), the more likely we were to be sued. To avoid litigation when you sell your home, it's important to make a full and accurate disclosure about the condition of your property. When Realtors represent a seller, they typically use mandated forms from either their state or local association of Realtors.Even with the forms, it's hard to know what to disclose. For example, do you have to disclose that th...