Selling your Tennessee home involves much more than just putting a for sale sign in the front yard and packing up your belongings. A real estate transaction is a major legal and financial transaction, and you will find it beneficial to learn about what you need to do as the seller. Knowing what to do will help you avoid disputes and complications down the road.
As the seller, one of the most important things you will have to do is tell a potential buyer certain things about your house. Required disclosures are an important part of that process, and if you fail to disclose certain things, it can lead to complications. You will need to know what types of things you have to disclose and what you can do to protect your interests as you seek to sell your property.
What do you have to do?
You do have to tell a potential buyer certain things about your property. However, that does not mean you have to go on a search to find problems that you can disclose. You are only required to disclose the things you already know about – problems, defects and issues that could affect the value of the home. This can include things like a plumbing issue, flooring that needs replacement and much more.
Most real estate transactions require an inspection of the property by a licensed professional who will look for issues in the home. Things that the inspection reveals could be significant, or they could be minor cosmetic issues. The buyers may ask you to fix these things, or they may negotiate a lower price to compensate for the money they will spend to fix the issue later.
Is there lead paint in your house?
If you own an older home, you may have lead paint on your walls or somewhere in your house. Federal laws require that you tell buyers about the presence of lead paint or other lead-related hazards. They also have the right to inspect the house for lead themselves.
The importance of your contract
When it comes to required disclosures, lead paint and other issues, you will want to ensure that you have a carefully crafted contract. Working with an experienced real estate attorney can ensure that you have disclosed the right things and have outlined pertinent details in the contract. As the seller, it’s important to work diligently to reduce your exposure to potential disputes and problems.