Anyone who’s spent time around real estate professionals will likely have heard the adage “disclose, disclose, disclose!” It’s worth your time to discover these 4 things sellers need to know about real estate disclosures in Chicago.
One of the things buyers are expecting when they have purchased real estate is their right to the enjoyment of the property. Should you be aware of any problem with the property or location that is prohibitive to that enjoyment, it is another thing on the list that sellers need to know about real estate disclosures in Chicago. Is there a high school with a band or another source of extremely loud noise? Any factory or other source of the odor or smoke fumes that overwhelm the neighborhood at certain times? Does your bright and cheery home by day become a dangerous landscape at night, due to the presence of criminal activity?
Making buyers aware of existing or potential dangers inherent to the property is another thing sellers need to know about real estate disclosures in Chicago. The laws on this subject vary widely, however, they cover a vast array of potential hazards that homeowners across the country have encountered and it is highly advisable that you make yourself aware of the laws that govern your property. There are also federal laws, such as those governing lead paint. Basically, if you are aware of natural dangers on the property itself or the surrounding location, such as being near a fault line in areas where earthquakes are more common, you must reveal the data. Problems that have led to the contamination of the property, whether from local commercial activity or caused by a natural source, must also be provided. Likewise, issues with pests, such as termites and their treatment must also be included.
While not a typical subject when it comes to financial transactions, should you be inhabited by ghosts, you will need to report your knowledge of the haunting, in the laws governing real estate disclosure in some states. Commonly, deaths with causes unrelated to any issues with the property itself are likely not required to be disclosed. However, should the cause have been due to a condition of the property, either structurally or otherwise, in most cases this must be disclosed. Sellers would be wise to educate themselves on the specifics of the real estate laws about death when it comes to real estate disclosures in Chicago.
What was fixed, why, and when are among the things sellers need to know about real estate disclosures in Chicago. As you may be well aware, there are just certain issues with a home that may continue to rear their ugly heads. Was there an issue with water damage in the past, what was the source and was there mold? Was the damage properly remediated by professionals? While it may be easy to temporarily hide an issue by deviously timing the showing of the property, finding yourself tangled up in the web of being sued is a nightmare, with the possibility of financial devastation should you lose your case. Problems in the past which you’re aware of may have even repaired and could even remotely become a future issue, are among the facts about the history of your property that you will need to bring to the attention of your buyers in your disclosure.
One important thing sellers need to know about real estate disclosures in Chicago is that even if you are selling “as is,” any known issues with the home that devalue the property must be disclosed. There is a risk of being sued should you fail to disclose information that you were aware of. Laws about what must be disclosed may vary from state to state. you will want to be certain to have everything in writing that comes with the property from the start, for instance, your grandfather clock isn’t included. Conversely, if something is missing from the property, which may not be noticeable on a quick walkthrough, but would be expected to be present, you must also disclose this. For example, you are showing the property on the hottest day of summer, and the buyers see a heating unit, but you know that this is just an outer case and there are no working parts inside the unit, you could easily be sued for failure to disclose this information.
While you may consider holding back information you’re aware of, which may not be legally required in your state, it’s wise to disclose the information to fend off any possibility of future court proceedings. In other words, you need to disclose EVERYTHING – which may end up lowering your asking price. It’s best to sell directly to Chicago Home Buyers as is! Learn more about how we can help you by sending us a message or giving us a call at (312) 300-2043 today!