Whether you inherited a property you don’t want to live in or need to upgrade or downscale your living circumstances, selling your house is a stressful prospect. There is so much to take care of during a real estate transaction that you could easily overlook important details or make mistakes.
Especially when it comes to the paperwork that you provide to the buyer, such as your seller’s disclosure, it is critical that you execute paperwork properly for your own protection. Having an attorney help you with your listing paperwork and disclosures can help you avoid making mistakes that could eventually result in a sale falling through or a lawsuit from the person who buys your house.
Kentucky property owners have an obligation to disclose defects
People need to be able to make informed decisions about major purchases such as real estate. State lawmakers and real estate professionals have certain standards regarding and disclosures made by someone selling real estate. It is very important that even those selling a home as-is fully list all known defects or issues with the property and don’t make guesses about the condition of various systems in the home.
Whether the house sat vacant for years, had an issue with termites or has foundation problems, you have to disclose that information to potential buyers. Failing to do so could mean that your purchase offer falls through just before closing when an inspection finds a defect. Even if someone doesn’t notice the issue before they purchase the property, they may notice it after they take possession. At that time, you could be subject to lawsuits from the property owner about the issue that you didn’t disclose.
Talking with a lawyer about any issues with your property can help ensure that you properly execute all necessary disclosures in order to limit your liability in a sale.