Princeton Town Topics – Let’s Talk Real Estate – February 20, 2008
FULL DISCLOSURE IS THE BEST STRATEGY
You are about to list your home. Since you have lived there for many years, you know that it is not perfect. There’s a leak in the basement that is noticeable only after a heavy rain, the garage door sticks, the toilet in the master bath works like a fountain, and the dishwasher is prone to work stoppages.
Any home has some quirks. When it is time to sell your home, you have a choice of either making the repairs or letting the buyers know what the problems are, especially any potentially serious problems. Some buyers will want a structural inspection so that they will have a good idea about what they are getting into. Even if the buyers don’t ask for an expert to look at the house, it is the seller’s responsibility to disclose any defects in the property that they know about. A concealed problem may come back to haunt you after the settlement. Many lawsuits involve undisclosed defects, and the settlement of these cases makes the cost of repair or the price concession during the sales look like a real bargain.
