Easing The Transaction For A Home Seller- Home Seller Disclosure Obligations
- Why Do I Need An Inspection?
- Do I Have To Repair Everything Wrong With The House?
- Do I Really Need An Inspection?
- What Is A Listing Inspection?
- Is There Anything I Can Do Better To Maintain My Home?
Easing The Transaction For A Home Seller
Home sellers are being urged to utilize home inspections prior to listing their homes. Professional inspections can discover unknown conditions allowing sellers an opportunity to perform desired repairs before placing the property on the market. A professional “listing inspection” is just good business, it may facilitate a smoother transaction by putting potential buyers at ease, reducing negotiating points, and bypassing annoying delays.
Home Seller Disclosure Obligations
A disclosure is something given to the buyer by the seller documenting their knowledge of the property. It is not the same thing as an inspection; because there are things the seller may not be aware of that an inspection brings to light. This is why a property inspection should always be done by the buyer. New York home sellers are required to complete a standardized disclosure form answering a series of questions about the property. The form is available from the seller’s, or “listing” agent, who is supposed to inform both the seller and the buyer (if not represented by a buyer’s broker) about the law. The New York disclosure form can also be found on the New York Department of State website. There is, however, an exception to the disclosure requirement for a home sale. The seller can opt to give the buyer a $500 credit at closing in lieu of making the disclosures.
Why Do I Need An Inspection?
The purchase of a home or commercial building is one of the largest single investments you will ever make. You should know exactly what to expect — both indoors and out — in terms of needed and future repairs and maintenance. A fresh coat of paint could be hiding serious structural problems. Stains on the ceiling may indicate a chronic roof leakage problem or may be simply the result of a single incident. The inspector interprets these and other clues, then presents a professional opinion as to the condition of the property so you can avoid unpleasant surprises afterward. Of course, an inspection will also point out the positive aspects of a building, as well as the type of maintenance needed to keep it in good shape. After the inspection, you will have a much clearer understanding of the property you are about to purchase, and be able to make your decision confidently. As a seller, if you have owned your building for a period of time, an inspection can identify potential problems in the sale of your building and can recommend preventive measures which might avoid future expensive repairs.
Do I Have to Repair Everything Wrong With The House?
A listing inspection report is not intended to be a “do” or repair list for the home. Sellers are not obligated to repair conditions noted in the report, nor are they required to produce a flawless house. With a pre-listing home inspection, potential repair items already known by both parties are subject to any negotiations. A home seller can make repairs as a matter of choice, not obligation; to foster good will or to facilitate the sale. Sellers maintain the legal right to refuse repair demands, except where requirements are set forth by state law, local ordinance, or the real estate purchase contract.
Do I Really Need An Inspection?
As a seller, if you have owned your property for a period of time, an inspection can help identify potential problems and recommend preventive measures, which might avoid future expensive repairs. There is no such thing as a home that is too new or too well built to benefit from a professional inspection. Anyone advising against an inspection is doing a disservice to the home buyer. Many problems frequently encountered after the buyer moves in, are a routine discovery for a qualified home inspection.
What Is A Pre-Listing Inspection?
An inspection consists of a non-invasive physical examination of a home’s systems, structures and components intended to identify material defects that exist at the time of inspection. The heating and cooling equipment is activated along with operating plumbing fixtures, testing accessible electrical outlets and fixtures, and operating a representative sampling of doors and windows. Visual inspection of the roof, walls and drainage adjacent to the home are included. Because of the wide range of construction practices and the “normal” wear and tear placed on the components of home, a professional home inspection can help provide a wealth of information to a home seller anxious to convey the condition of their home to perspective buyers For more information on pre-listing inspections please visit our pre-listing home inspection page.
Is There Anything I Can Do Better To Maintain My Home?
Inspection reports often identify the same neglected maintenance items. Performing some basic maintenance can help keep your home in better condition, thus reduce the chance of those conditions showing up on the inspection report. To present a better maintained home to perspective buyers follow these tips. Most of these items can be accomplished with little or no cost, while the benefits of selling a well maintained home can be worth the effort.
- Clean both rain gutters and any roof debris and trim back excessive foliage from the exterior siding.
- Divert all water away from the house (for example, rain-gutter downspouts, sump pump discharge locations, and clean out garage and basement interiors.
- Clean or replace all furnace filters.
- Remove grade or mulch from contact with siding (preferable 6-8 inches of clearance).
- Paint all weathered exterior wood and caulk around trim, chimneys, windows, doors, and all exterior wall penetrations.
- Make sure all windows and doors are in proper operating condition; replace cracked windowpanes.
- Replace burned out light bulbs.
- Make sure all of the plumbing fixtures are in spotless condition (toilets, tubs, showers, sinks) and in proper working order (repair leaks).
- Provide clear access to both attic and foundation crawl spaces, heating/cooling systems, water heater/s, electrical main and distribution panels and remove the car/s from the garage.
- And finally, if the house is vacant make sure that all utilities are turned on. Should the water, gas or electric be off at the time of inspection the inspector will not turn them on. Therefore, the inspection process will be incomplete, which may possibly affect the time frame in removing sales contract contingencies.
