Las Vegas Real Estate News

What Should You Disclose About the Home You’re Selling?

There's an ongoing question about what you need to disclose about the home you're selling. Do you need to tell them about every squeaky door and sticky window?

signing contract

There are laws in most states that cover this issue for the home seller. Most states have some kind of law that requires certain items be disclosed to the buyer of your home.

In Nevada, here are some of the things that are required:

Fungi and mold - Has there been or is there currently an issue with mold or fungus? If so, be sure to disclose it to the buyer.

Roof leaks - If the roof is an issue, you might need to tell a buyer that. Since the roof is expensive to replace, it's a major factor in deciding to buy a house. This also falls under the things that a home inspector will report on.

Foundation cracks and sinking - If the foundation is compromised, this can cost many tens of thousands of dollars to fix. Not disclosing this can be a huge issue.

Lead-based paint, asbestos, and other toxins - No one wants to unknowingly move into a home that has deadly toxins in it. Lead-based paint is a required disclosure in every state. The same thing applies to asbestos and other toxins.

Water damage - Flooding and leaks can cause structural issues that can materialize years later or cause mold. This is something you should let the buyer know.

Death in the house - Actually, Nevada does not require the disclosure of death in the house, unless the death was caused by house itself. This is something you'll want to discuss with your listing agent about how to proceed if there was a death in the house.

What to say?

First, your listing agent will provide you with the Seller's Real Property Disclosure Form. As a seller, you must fill this out on your own, in its entirety, and truthfully. Failing to answer any questions or lying on this form can have legal ramifications.

Second, you can be sued for things, even if the law doesn't require that you disclose them. If you're selling the Amityville house, the new owners might get bombarded by strangers driving up or might see their property value plummet. Civil suits need not follow any law. If a jury thinks you should have said something, you may pay for not having done so.

Finally, ask yourself, "What would I want to know?" If someone tells you that a kitchen cabinet sticks, big deal. Conversely, you would want to know that 15 years ago your area was a cancer hotspot due to bad water from a toxic waste dump. Treat people like you would want to be treated and you're a lot less likely to end up in court defending your decision to take the money and run.

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