Whether buying or selling a home in Nashville, disclosures will be part of the deal. Here’s what you need to know.
What is a disclosure?
A disclosure in real estate means the seller must provide information and/or documents regarding any known defects to the home. These defects could be from the past or present. For example, if the home was remodeled without a necessary permit, the seller must make that known to any potential buyers.
What’s included in a disclosure?
Disclosures include making buyers aware about upgrades, improvements, updates, etc about the property and its history (that the seller has information on at least). In addition to documents on repairs and remodeling, this includes (but is not limited to):
- water damage
- pest control
- hazardous conditions
- mold
- insurance claims
- liens on the property
- property line disputes
- air pollution
- zoning changes
- flood zones
- history of crime on the property
When is a disclosure provided?
Disclosures aren’t generally handed out at open houses, but given to buyers once an offer has been accepted. At that point, buyers can review the information as well as an inspection report to make an informed decision about the property and continuing to closing. Buyers will have to sign off on the disclosures so it is important to review and understand them thoroughly.
Want help with navigating disclosure statements as you buy or sell your next Nashville home? Call DeSelms Real Estate today at 615.550.5565 and let one of our award winning agents guide you through the process!