Princeton Town Topics – Let’s Talk Real Estate – March 10, 2010
DISCLOSE! DISCLOSE! DISCLOSE!
You just listed your home for sale, and you withheld a few “little” problems from the Realtor. The family room leaks, but only when it rains; the outlet in the back bedroom won’t spark unless something is plugged in; and the area
rug in the living room covers a stain in the oak flooring.
It is a mistake to think that your home will sell more quickly by concealing its defects. These seemingly insignificant items can escalate into major issues that can threaten a sale, and possibly result in litigation. Many states have
passed laws regarding concealing defects from an agent or buyer.
The essence of these laws is–DISCLOSE! If something in your home is not working properly or needs to be repaired, fix it or make sure that your agent discloses it to the prospective buyers. The court will probably not be lenient if
you claim ignorance about a problem after having lived in the house.
