In real estate, disclosure documents require you, the seller, to disclose any known defects in the property and remodeling projects undertaken by the current owners. The disclosure process is not solely for the buyer’s protection. It is critical to recognize the importance of this step in any real estate transaction. Continue reading to learn everything you need to know about disclosures when selling your Lexington KY home.
Everything Must Be Made Public
While this document serves as a statement of your property knowledge to the buyer, it is not a substitute for the traditional real estate transaction inspection. When the buyers receive the disclosure, they will review it concurrently with ordering their property inspection. When selling your Lexington KY home, you should be aware that your disclosure will enable your buyer to direct the inspector to any areas of concern. Are there any issues with the windows, doors, or appliances, a leaking roof, or any foundation flaws? Are the home’s systems, such as the furnace, operating properly? Additionally, you should disclose any pest infestations or mold, as well as any unpermitted renovations, repairs, or insurance claims. Additionally, you should notify us of any environmental hazards that may affect the property or any upcoming changes that may impair your enjoyment. When selling your Lexington KY home, ordering a professional inspection is a prudent move. When considering selling, the best time to learn about potential disclosure issues is when you hire an inspector. Knowing the truth about your property in advance also gives you the option of investing time and money to resolve any issues. The inspection may reveal previously unknown issues and safeguard you against the worst-case scenario. If you want to save valuable time, be candid about potential issues and allow your potential buyer to conduct their own due diligence on the property, avoiding time wasted on buyers who may walk away from the bargaining table.
Seller Take Caution
While the timing varies by state or municipality, buyers typically receive disclosure statements upon acceptance of their offer. The disclosure and any accompanying reports will be required to be signed off on by the purchasers. It can cost you a lot of money if you do not complete disclosures prior to closing when selling your Lexington KY home. Even if you were unaware of an issue, you would be held accountable. If you’re unsure whether or not to disclose an issue, you probably should. It is always prudent to err on the side of caution, and consulting a professional to ascertain the legitimacy of your concern is never a bad idea. If the buyer discovers defects or flaws after the sale, you may face legal ramifications. The purchasers may sue you for contract breach or intentional misrepresentation. Not only could you be liable for damages, but if it is determined that you committed fraud by knowingly deceiving your buyers, the amount of the damages could also be multiplied. The amount of money you could owe in damages is staggering, let alone any attorney fees. It is improbable that your home’s insurance would cover these costs. If the worst-case scenario occurs and you receive a letter from an attorney demanding damages following the sale of your home, you must take immediate legal action to protect yourself. You should avoid discussing this with the purchaser or their legal counsel, as they may use it against you in a lawsuit.
Consider Selling Directly
Offer your property to Bluegrass Investment Properties LLC. Bluegrass Investment Properties LLC will purchase your home in its current condition! Leave your concerns about disclosure at the door. Bluegrass Investment Properties LLC will make a reasonable offer with which you are completely comfortable, taking the time to explain how we arrive at our figures step by step. And because Bluegrass Investment Properties LLC pays cash, we can close quickly, often within a few weeks. At Bluegrass Investment Properties LLC, our job is to assist you in resolving your issues. Our goal is to instill confidence in you that you are making the best decision possible for your unique circumstances. You are under no obligation to contact Bluegrass Investment Properties LLC with any questions or concerns you may have about your property. We make it simple to sell your Lexington KY home. When you partner with Bluegrass Investment Properties LLC, you gain access to a network of professionals from all facets of the real estate industry who are ready and waiting to assist you. Our team at Bluegrass Investment Properties LLC, in conjunction with our extensive network of industry providers, enables us to act quickly and handle everything for you. Simply take what you want and leave the rest to Bluegrass Investment Properties LLC, including the cleaning! To learn more, contact Bluegrass Investment Properties LLC at (859) 321-6618.
