My Realtor wants me to fill out a Property Disclosure…what is the purpose?
During the course of owning a home many of us make repairs or expand to enhance the beauty and value of our investment. This is something that we want to share with potential buyers to achieve the best possible price for the sale of your home. You might have put on a new roof, French drains, added central air or new windows. This is important information you would want to share with a buyer. In addition, it gives some history of upgrades or repairs which are too lengthy to add to the listing description. This may give buyers a better reason to submit a stronger offer to their agent by being informed and appreciating the improvements that were made while you enjoyed living in your home. In addition, if there is something not working in your home, this is the time to let potential Buyers know this information. This way their offer is based on that knowledge, and the Home Inspection doesn’t become a re-negotiation!
Should I be worried about a Home Inspection?
The best way to minimize fears of a home inspection is to make sure that easy repairs that you have been putting off are repaired before you put the house on the market. That would mean fixing that leaky faucet or making sure all the lights work. You want the “best features” of your house to stand out. If there are repairs that you are not aware of or unwilling to address because of the magnitude or expense, then you must be prepared to factor in these issues when an inspection report comes back showing possible deficiencies or disrepair. Either you can consider giving a credit at closing, reduce the purchase price, or get your own contractor to fix some of the issues. This would be an important job that your Real Estate agent and attorney would help you negotiate so as not to lose your qualified buyer.
What repairs, am I obligated to make and which ones can I refuse?
Termites–A buyer who is obtaining a mortgage cannot purchase a home with termites unless it has been treated or there is an existing contract by a licensed company, which is the obligation of the Seller. Always make sure to get written invoices showing the date and work completed.
Structual–If a beam was removed, etc., it is the Seller’s responsibility to repair, but the buyer should hire his own engineer to determine the scope of the work involved.
Leaking Underground Oil Tank–A Seller is not only responsible for removing the tank but obtaining a “No Further Action Letter” from the EPA.
Asbestos–Usually found in the basement of older homes wrapping some of the pipes, the seller is responsible, but you can also negotiate a credit for the buyer to remove.
Appliances that are included in the sale, must be in working order.
An old but working boiler–Not obligated to replace or remove, but a credit may be asked of you by the buyer/attorney.
An old but not leaking roof–A Seller is not obligated to replace.
Cosmetic Work–The Seller is not obligated to repair or replace
Radon–Must be remediated by the Seller if the reading is above four (4) picuries.
Faulty Electrical Box–Federal Pacific units are considered a fire hazard and must be replaced; loose open wires or overload on breakers are responsibility of the Seller.
Fire C/O–Responsibility of the Seller prior to closing
This covers the majority of issues, but if you have any questions feel free to contact Nicole. Nicole Idler is an accomplished Realtor with over 25 years of experience, resides in Teaneck and is an active member of the community. Give me a call to list or purchase.
Nicole Idler NJ/NY Associate Broker of Friedberg Properties Actively LISTS & SELLS, in Teaneck, Bergenfield, Englewood, Tenafly, New Milford & All of Bergen County. Also does Rentals. E-mail: [email protected] or call Nicole on her cell: 201-906-9338 /O: 201-894-1234. Call Nicole Idler and make home ownership a reality!!
