3 REASONS TO COMPLETE YOUR SELLER'S DISCLOSURE
- Protects the Seller from future litigation. The most important reason to fill out a seller's disclosure is that is purpose is to hold the seller and real estate agent harmless if you've disclosed the truth about the property. The disclosure can help prevent potential buyers from filing lawsuits against the seller if after the home has been sold a problem arises with the property. It's not a guarantee that there won't be any litigation, but it definitely helps to protect the seller if the buyer is made aware of all known defects up front.
- Helps the Agent listing the home have more accurate information. Much of the information provided on the seller's disclosure can be used by the listing agent to provide accurate information on the listing itself when advertising. For example, on the disclosure the agent will be able to see if the property is on city water or a shared well. If your home uses a shared well, there is likely paperwork that needs to be retrieved for that, and the possibility that there are monthly or annual incurred costs that will need to be disclosed to buyers. These are things that you may not think of initially when listing your home, but by providing a completed disclosure, your agent is able to catch those things for you and make sure that all the necessary documentation is taken care of.
- Provides the Buyer with a fair and honest idea of the home's condition. Don't be afraid of the seller's disclosure. This document discloses material information to the buyer about the home, which can help them make an informed decision about their purchase. It's not meant to be a deal-killer, but a deal-maker. Many agents provide a copy of the disclosure to interested buyers so they can get an idea of the home's condition before they make an offer or have an inspection.
Now that you know why filling out a seller's disclosure in it entirety and as accurately as possible is so important, you can feel more confident in your home's listing and worry less about potential post-closing issues that could arise. Remember, when in doubt, it's best to provide more information than not enough. If you have questions about completing your seller's disclosure, the best real estate team at the Lake of the Ozarks are your go to agents. We'll be happy to answer any questions you may have and help walk you through the process to ensure your listing is as accurate as possible. For all of your Lake of the Ozarks real estate needs, contact the Fran Campbell Team!
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