Seller: “Should I disclose . . . . ?”

Hmmmm . . . . YES!

Reminds me of the Rolls Royce dealer who (when asked the price of a car) quipped: “If you must ask the price, you cannot afford it.”

Most anything that the Seller KNOWS about the PHYSICAL condition of a house (past or present) SHOULD be disclosed.

So . . . If a seller of a house (or darn near anything) asks if something should be disclosed, odds are very good that the person asking the question considers said issue to be significant in her own mind . . . rational thinking might translate that to mean that same said issue would be significant to any future owner.

Some folks would argue that the issue became known and was fixed and therefore does not need to be disclosed. That’s good thinking as long as we are being logical and utopian.

Here’s the rub!

We’re in a litigious society! MANY people out there literally make a living from frivolous lawsuits . . . and most lawsuits relating to real property sales (Houses) center around failure to disclose (So says the E&O provider) . . . so . . . Unless you’ve got something to hide, why WOULDN’T you disclose it?

Bear in mind . . . I’m not advocating disclosure of things your not required to disclose . . . Things that are not relevant to the PHYSICAL condition of the property (Suspected ghosts, a death on the premisis).

Bottom line . . . If you’re selling a house and are filling out the property disclosure form . . . and something comes to mind that makes you ask the question:

“Should I disclose this?”

Err on the side of caution and DISCLOSE it. If it’s been fixed, attached documentation of the fix with the disclosure.

All in the name of avoiding standing before a judge months or years after the closing to answer a lawsuit of “Failure to disclose”

Just sayin’

Best,

b

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About Barry Owen

Residential Real Estate Principal Broker and Founder of Pareto Realty, LLC. Creating the quintessential real estate firm with emphasis on "Live, Work, & Play" balance . . . and a true Performance Oriented environment for Real Estate Professionals. Serving the Real estate needs of Home Buyers and Sellers in Middle Tennessee.
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