Residential Property Disclosures

Residential Property Disclosures

When selling your home, you’re obligated by law, to disclose certain information about your property. Most states require that all sellers complete a written property disclosure form. The majority of the forms have a required set of questions that you must answer.

THE BASICS

The State of Alaska requires sellers to complete this form when listing a residential home for sale. Nearly all of the questions are a basic yes/no/unknown response. The questions will address material facts, major defects, repairs, and improvements. All forms vary by state and require different information.

MATERIAL FACTS

These include the age of the property, structural components, heating systems, roof, water/sewer, the home’s condition, known problems, and defects. This is information that would influence a buyer’s decision to purchase your home. These disclosures require you to address known defects, things that are reasonably apparent, to ensure you don’t knowingly hide a major defect.

MAJOR DEFECTS

You MUST disclose all major defects. For instance, fire or flood damage. If your home’s electrical system isn’t up to code, and you’re aware of this, it must be shared with potential buyers. Repairs you have completed, as well as improvements and upgrades, should be noted as well.

Since all states have varying federal and special disclosure laws, it’s imperative that you reach out to a local real estate agent to get assistance with the sale of your home. A Realtor can provide you with required disclosures. They can assist you to ensure important disclosure is shared with buyers.