Q & A: Disclosure
Click a question to jump right to the answer:
- Do I need an attorney when I buy a house?
- Do sellers have to disclose the terms of other offers?
- What are the standard contingencies?
- What must I disclose during the sale of my home?
- What repairs should I make to my home prior to listing it on the market?
Do I need an attorney when I buy a house?
Each state has different legal requirements for real estate transactions, and many require the use of an attorney for the closing process. Speak with a member of your Magnificent Manors Team to learn more about requirements in your area and for title company recommendations.
Do sellers have to disclose the terms of other offers?
No, a seller is not required to disclose the details or terms of an offer to other buyers.
What are the standard contingencies?
The two most common contingencies are: financing -which makes the sale dependent on the buyer obtaining a loan, and inspection – and home inspection which allows the buyer to hire a professional inspector to assess the home. Other common contingencies are: appraisal, the sale of the buyer’s home, the purchase of the seller’s new home, condo documents or special requests such as the repair or replacement of specific features of the home.
What must I disclose during the sale of my home?
The disclosure of your home is a document revealing the history of your home. Each state has different laws and regulations on what must be disclosed by the seller of a home. Your Magnificent Manors Realtor® can guide you through the process to ensure you have disclosed all necessary items.
What repairs should I make to my home prior to listing it on the market?
Making repairs to your home before placing it on the market will help you get top dollar for your house. Items such as broken windows, holes in walls, scuffed paint, carpet stains, can be especially advantageous to repair as buyers will focus on these small faults when viewing the home. Larger repairs, such as a new roof or new heating/air conditioning unit can also be advantageous, but should be carefully considered as they are a larger upfront investment. Speak with your Magnificent Manors Team to review what major repairs, if any, would provide a greater return when you sell your house.
