Selling Your Home - Disclosures and other pertinent information!
Whose obligation is it, to disclose pertinent and factual information regarding the property that you are selling?
In most states, it is the seller's obligations to disclose information about a property and any adverse conditions that may effect the home.
Under Maryland laws, you and your agent, if you have one, are required to disclose all material facts affecting the value or desirability of the property which are known or accessible only to you.
Obvious items included would be the fact that the property has a Homeowners Association with monthly or yearly dues and if there is a Ground Rent attached to the property.
Another factor would be disclosure of required County building permits if your home has any building additions, new plumbing or electrical etc.
Along with any restrictions for the use of the property, such as zoning violations or multi family units which are not County approved, easements etc.
In Maryland, all sellers must provide a disclosure or disclaimer statement to all potential buyers.
Only two exemptions apply for disclosure: if you are selling under an Estate Sale or if the property is a foreclosure. Heirs of a property selling for the estate, and lenders in foreclosure have never formally occupied the premises so they are exempt from disclosure.
Be aware that LATENT Defects: something defective within the property that can not be seen with the naked eye or via a home inspection, must be disclosed to the buyer.
Here is an example: You have a major settlement crack in the living room wall and you install wall paneling to cover the defect. You Must Disclose the crack behind the paneling and may face legal consequences for not disclosing.
Must sellers or their Agents disclose the terms of buyer offers to all potential buyers?
NO. Sellers are not obligated to disclose the terms of other offers to prospective buyers. Sellers may give their agents permission to disclose that they are in a multiple offer situation but the Agent must keep the terms of each separate offer confidential.
RE/MAX New Beginnings provides exceptional Seller Representation.
We are trained and skilled at helping you!