Latent defects. We need to have our Sellers disclose any latent defects: that is anything that can’t be seen by the naked eye. However, it is best to disclose any and everything, the reason being that even if it can be seen by the naked eye…heaven knows someone will say…I didn’t see it or the REALTOR rushed me through the property, or some other ridiculous reason. In reality, by law, the disclosure doesn’t have to be in writing but you know how that goes: he said, she said…so put it in writing!
Remember that if there were repairs, a long involved paragraph is not necessary. I have asked some Sellers, about something they put in the Seller’s Disclosure and their answer is…..”My REALTOR filled it out”. That’s where, if I were in my office, I would pound my head on the desk. If you don’t remember anything else: YOU don’t fill out the Seller’s Disclosure. …that’s the reason it’s called a Seller’s Disclosure. You can counsel them to keep their answers short and sweet. Or explain several areas if need be, but NEVER do it for them. Explain the importance of the disclosure… it can survive the closing if they failed to disclose and they can be liable.
Also please remember this is only applicable to residential sales…..not commercial. Commercial is: Let the Buyer Beware and they need to do their own due diligence.
So my fellow REALTORS, please be good to each other…until next week!!