Aug 29, 2017
There is one thing that the sale of a home is never short on – documentation. The flurry of paperwork for buyer and seller alike can make any real estate deal feel like a bureaucratic hurricane.
Still, there is a form everyone offering a home for purchase might want to consider including. That’s a seller’s statement regarding the condition of the property. Disclosure requirements might vary from place to place but regardless of whether it is mandated, a seller’s statement can be a valuable tool to help both sides in the transaction to comprehend what is being bought and what is being sold.
Some things, assuming you are aware of them, must be disclosed under law anyway. But while Missouri’s requirements for disclosure are not especially extensive, there is some advantage to being as open as possible in talking to the purchaser about the condition of your home and any potential problems such as mold, drainage issues or compromised HVAC infrastructure. For starters, it can avoid the headache of sudden renegotiation or revocation of an offer altogether when a buyer comes across problems on their own. Otherwise, surprise defects popping up during a deal can erode trust between the parties and may even poison the transaction altogether.
Perhaps even more important, a purchaser who has been informed of problems ahead of time has fewer grounds to file suit over such issues later if they suffer a case of buyer’s remorse.
While it is important to emphasize the positives in any property you are selling, always remember that the flaws may be important to recount from time to time as well.