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Understanding the Importance of the Seller’s Disclosure Statement

As you prepare to sell your home, you’ll be faced with the need to complete a Seller’s Disclosure Statement. This is a Federally mandated form which is required to be provided from the seller to the buyer for any real estate transaction. The form includes a detailed series of questions about the condition of your home. This form is in place to protect both the seller and buyer within the sale of a property.

When you complete this form in full and provide honest answers to the best of your knowledge, you’re protecting yourself against future complaint, or possible mediation against potential issues which could arise after the property is sold. The buyer gets specific insight into the condition of the house, the structure, appliances and internal workings all included. You’re upfront about what you’re selling, and the buyer knows what they’re getting with the purchase.

The Seller’s Disclosure Statement can be a daunting task when you first get started, but this can readily be made easier with a bit of preparation. Prior to completing your Statement, it’s worth the investment to get your home inspected. A General home inspection will shed light on any issues with areas such as the plumbing, or wiring, the foundation, and structural integrity of your house. You’ll also be informed of any issues or concerns such as pest infestations, or if there’s been water damage you weren’t aware of.

By knowing the condition of your home, you’ll be able to give informative and up-to-date responses in your Statement. You can also use the results of an inspection to take care of items which could be a point of contention with a buyer. Suppose your furnace needs replacing, if you don’t take care of it before listing, a buyer could lower their offer if they’re going to be replacing the unit. A well-running home will get stronger offers than houses which need maintenance updates.

Your Realtor® can help explain any questions you may have regarding the Seller’s Disclosure Statement. If you’re not sure of any terms in the form, or what type of information is expected to be provided, seek the advice of your agent. Just know that they can not fill out the form for you, it’s required that only the seller can complete the form. When in doubt on a question, be truthful about what you know even if the answer is “I don’t know.”

The Seller Disclosure Statement is your chance to let the buyer know of any issues or concerns within your home before papers are signed and keys are handed over. By sharing your knowledge of your house, you protect yourself from the potential of having to pay for repairs after the sale, or possibly more in fees. The Statement also gives the buyer the chance to decide if the investment is worth the price.

Read more about the importance of the Seller’s Disclosure Statement with this article published by Realty Times. When it’s time to buy or sell your property, work with a trusted, local Realtor® who understands the process and how to help their clients with confidence. ADMC Realty Group is pleased to serve the communities in and around the Washington DC, Maryland, and Northern Virginia areas. We’re ready to put our expertise to work for you whatever your real estate needs. Give us a call at (202)596-8101 or email us at [email protected].

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