Information that Sellers Need to Disclose during Real Estate Transactions

Information that Sellers Need to Disclose during Real Estate Transactions

Information that Sellers Need to Disclose during Real Estate Transactions

Are you looking to increase your real estate portfolio?  Do you want to invest in homes, apartments, or other residential real estate?  When it comes to making multifamily investments, you want to make sure to do your research and find out everything you can before you invest.  As you are going through the search process, you will want to know that there are certain pieces of information that seller is often required to tell you before you purchase any properties.

Water Damage

Sellers also need to disclose any past or present water issues in the home.  If they have suffered from burst pipes, water leaks, or water damages, they need to communicate this to their sellers.  Water damage can destroy property and possessions, so most homeowners will want to know what to look out for.  This is especially true for those who live in areas close to the coast or large bodies of water, as flooding is more common in these areas.

Important Missing Items

If you are about to purchase a home without a specific appliance, you will want to know this information.  Sellers need to disclose any important information about missing items or items that they plan to take with them when they move.  Items like appliances, blinds, or light fixtures are typically left behind, so be sure to specify if you are taking these items with you when you move.

Any Neighborhood Issues

Some states also require sellers to disclose any information about the neighborhood when there are issues, like odors, noises, or pollution concerns.  When you live in certain states, sellers need to tell the buyers about local farms, landfills, airports, military presences, and any other potential nuisances there may be in the area.

Any Potential Hazards

If you live in an area that has many storms, hurricanes, or flooding risks, you will want to communicate this to the buyer.  Even though many homeowners do not want to tell the negative details of their location, they need to disclose this information.  It is important to communicate these hazards to any buyers to prepare them to make any adjustments to their home for safety reasons.  They may think twice before they get a specific roof material if they know the area is prone to hurricanes.  This information affects the decisions they may be making.

Homeowners' Association Fees

If you own a home that is governed by a homeowners' association, this will need to be clearly stated to any potential buyers.  Because homeowners' associations often require recurring fees, buyers will want to calculate these expenses into their monthly payments.  This can also work to interest buyers that are looking to purchase properties that require little to no maintenance, as homeowners' associations typically have added benefits, like lawn care or community resources.

These are just a few of the important disclosures that sellers are often required to communicate to the buyers during real estate transactions.  When it comes to your multifamily investments, you will want to take this information into consideration and ensure that you are making the right choice for your money.  If you are looking for quality investments, contact the experts at Reside Capital to see how we can help you today.

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