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Selling your home? Understanding required disclosures

Buying or selling a home in Delaware is a complex process that involves many factors. If you are attempting to put your house on the market, it is wise to know what to expect and how to avoid potential complications as you navigate what is ahead. One of the things that you may need to know concerns required disclosures as the seller. 

Disclosures are potential problems with the property that the buyer should know about. Required disclosures protect the interests of the buyer, and handling them the right way during the transaction process can allow you, as the seller, to avoid problems in the future.

What are your obligations?

When selling a home, a person cannot just put up a sign and ask people to pay a certain price. Even when a person makes an offer on a property for sale, the potential buyer has the right to know certain things about it. As the seller, you have certain legal obligations, which include the following:

  • You may not have to look for problems and issues of which you are not already aware, but you do have to tell the buyer if you know about problems.
  • You have to comply with the Lead-Based Paint Hazard Reduction Act of 1992, which is likely only applicable if the property for sale was built before 1978.
  • You must provide the buyer with a written form of all disclosures.

Some buyers may be tempted to withhold certain information for fear that problems with the property could affect the buyer’s willingness to move forward with the purchase. However, it is necessary to be truthful in order to avoid costly complications in the future. Since the laws for disclose vary from state to state, if you wish to protect your interests as the seller, you may find it beneficial to reach out for support regarding your legal options.

Navigating the complexities of real estate transactions

Real estate transactions can be complex, and mitigating complications and avoiding issues is a crucial component to your success in these matters. However, you do not have to walk through this process alone. As the seller, you have the right to seek knowledgeable guidance from start to finish throughout this legal process.

Selling your home is an important step, and it can be useful to first seek a full understanding of how you can be prudent and protect yourself. As with any other type of legal concern, you would be wise to know your options and your rights before you proceed.

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