Definition of DISCLOSURES:
If you're thinking of selling a home, when it comes to disclosures, it can be overwhelming, but Sellers are legally required to disclose everything they know about the property. There are state and federal laws that govern this topic.
The general rule of thumb is that anything that lowers the perceived value of the property or anything that would affect the Buyer's decision to purchase or the price and terms the Buyer offers should be disclosed. Try to answer all questions to the best of your ability. Make sure you disclose everything that you’d want disclosed to you if you were the Buyer. If you don’t know the answer to a question answer “Do Not Know.” But not having all of the facts about defects or just plain facts you know exist does not permit you to answer “Do Not Know” to every question. This will always raise a red flag. Be honest and disclose everything you know!
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