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What is the importance of the seller’s disclosure?

New York or New Jersey homeowners preparing to sell their home will need to take steps to protect themselves.  As a homeowner in the area, now may be a great time to sell after several years of home prices steadily rising. You want to ensure you sell your home for the best possible value, while also sticking to important deadlines and knowing that at the completion of the sale, you can move forward without issues.  Our New York and New Jersey real estate sales attorneys explain some important steps you should take to protect yourself as you sell your home below.

Complete the Seller’s Disclosure Honestly

Sellers will need to complete an important form known as the seller’s disclosure.  This document will be provided to buyers so that they are aware of potential known issues regarding the home.  In this document, you will be asked whether you are aware of certain problems with the home, such as past water damage, fire, mold, and the like.

Sellers may be tempted to conceal issues with the home out of fear that an honest declaration could lead to loss of buyers.  However, not accurately completing the seller’s disclosure could create major issues. Should the buyer discover an issue during inspections that should have been disclosed to you, the buyer will have the right to walk and could potentially take legal action.  Even if the sale goes through, should the buyer later uncover the undisclosed defect, you could face legal action. Avoid potential legal issues now by filling out the disclosure accurately and asking your attorney for assistance should you need help with the form.

Retain the Help of a Real Estate Lawyer

While a realtor is a vital part of any real estate transaction, a real estate lawyer can provide crucial added protections.  Your real estate attorney provides an unmatched knowledge of the law surrounding the sale of your home. Your attorney can skillfully assist in real estate negotiations, push the buyer to stick to deadlines, draft a contract that protects both parties, then close the deal quickly and efficiently.  With your realtor and real estate attorney team in place, you can sell your home for the best price possible and start the exciting process of buying your new home.