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Today I want to talk about property disclosure as the seller.
Many people have asked me what they need to disclose about their property when selling. To answer this, I should start by saying that what you have to disclose depends on where you live. Each state actually has different rules about disclosures.
Virginia, for example, is a “buyer-beware” state. If you read Virginia's one-page disclosure, it pretty much says that the seller doesn't know anything about the house and the buyer will need to do their own inspection. In other words, you don't have to disclose much of anything.
However, keep in mind that if you are concealing some kind of trouble, such as a leaky roof or a crack in the foundation, that actually becomes a disclosable item and you are violating the law. You may even get in trouble after the settlement for doing it. I recommend always disclosing a problem if you're aware of it. Just because you disclose it does not mean that you have to fix it.
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In Maryland and D.C., meanwhile, the laws are different. There is a much longer disclosure form. However, sellers can also do a one-page disclosure where they can say that they don’t know anything about the house and that the buyer will need to do a home inspection to figure it out.
Regardless of which state you live in, there is a federal law that requires homeowners of homes built prior to 1978 to disclose whether there is any lead-based paint in the house. You must also disclose if there are any inspections. Everybody needs to fill out this form if your home was built before 1978.
If you are concealing something, you may get in trouble after the settlement. For this reason, I say that it is better to disclose and to be safe than sorry.
If you have any additional questions, please feel free to reach out to me by phone or email. I look forward to speaking with you soon.
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