A disclosure statement is a document that outlines any known issues, repairs, or defects pertaining to a property that the seller must provide to the buyer. As a homeowner, you are legally required to provide this document to the seller before finalizing the deal. It ensures the buyer knows of any potential issues before making an offer so that the sale goes smoothly, allowing you to sell your house fast in Tulsa.
What Information is Included in Disclosure Statements?
A disclosure statement should include all relevant information about the transaction. Here are some things that should be included:
- The purchase price, applicable taxes, and other fees or charges
- Any warranties or guarantees provided by either party
- Any restrictions on the use of the property or any other limitations that may apply
- Any additional information relevant to the transaction, such as environmental hazards or zoning restrictions
What Types of Flaws Must Be Disclosed?
Sellers are required to complete various disclosure documents, often in the form of a government-issued checklist. On this checklist, they must indicate whether their home has (or once had) any issues such as:
- Structural damage
- Faulty foundation or a leaky roof
- History of flooding or storm damage
- Presence of mold or mildew
- Lead paint, asbestos, radon, or other hazardous materials
- Problems with appliances or home systems like the HVAC
- Repairs made to any of the above and insurance claims
- Renovations completed without a permit
How Do Disclosure Statements Protect Your Interests in a Real Estate Transaction?
Disclosure statements play a crucial role in safeguarding the interests of both buyers and sellers in a real estate transaction. They are vital in ensuring that all parties are fully informed about the deal’s details before it is finalized. Disclosure statements can provide crucial evidence to support your case in a dispute or disagreement. For example, if a buyer discovers a defect with the property after the sale, the disclosure statement can be used as proof that the seller was aware of the issue before purchasing the property. This proof can potentially prevent legal action against the buyer and protect their interests.
Disclosure statements may seem complicated, but they can protect buyers and sellers in the event of a dispute. Preparing and providing the disclosure document can be a hassle, especially if you are looking to sell your house fast in Tulsa.
That is where cash home buyers in Tulsa, like Oklahoma Cash Home Buyers, can help. We buy houses in Tulsa for cash and can close in as little as 30 days without the hassles of a traditional home sale. Call us today, and our team will be glad to help you.