Real Estate Disclosure Question

posted 8 months ago in Home
Post # 2
Member
8747 posts
Bumble Beekeeper

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futuremrss17 :  check with a local realtor or attorney, but where I live (MA) if you make a disclosure you have to disclose EVERYTHING. You can’t give a partial disclosure because it’s assumed that if something isn’t disclosed it isn’t a problem. It’s actually why most people don’t do one and tell the buyer to do an inspection. 

Also check what your local laws are about homebuyer protections. Again in MA there are basically none if you buy from a homeowner. I recently discovered that the sellers purposely hid a major issue in our house and I’m just shit out of luck. And money. Lots of money. 

Post # 4
Member
5843 posts
Bee Keeper
  • Wedding: May 2011

I’ve only sold in NJ but we had to fill out a disclosure form listing the age of the roof/appliances (assuming we knew the information). The buyer would only have recourse if they proved we lied on that form.

I don’t think I’d do anything until the inspection came back because I’m assuming the inspector will note the age of the furnace, it should be pretty obvious.

Post # 5
Member
839 posts
Busy bee

The furnace and a/c units should have a serial number on them. A good home inspector will 1) know right away the ‘general’ age of the furnace and 2) will search the serial numbers for the actual age. This is a normal part of a home inspection and up to the buyers to do their due diligence. While you technically could provide the info you know, you could also be sued if you are incorrect. 

It’s best to contact your attorney if you are nervous, but don’t contact a realtor. You didn’t want to use one in the first place, so don’t bother them now with this. I say this because my brother is a realtor and he’s constantly fielding questions from people who think they can do it on their own, but then quickly realize they need a professional opinion and want it for free. 

Post # 6
Member
839 posts
Busy bee

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futuremrss17 :  I’ve just seen your most recent post – Do NOT sign anything the buyers realtor drafts until you speak with a lawyer first. The realtor is working for the buyer, not you, and anything they wrote in the offer will understandably favour the buyer.

Post # 7
Member
8747 posts
Bumble Beekeeper

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futuremrss17 :  the realtor doesn’t change that fact that you are a homeowner and selling your house to them. YOU, the seller, aren’t a builder or developer or someone in the business of buying/selling homes. You are just an average person selling your personal residence. 

Post # 8
Member
810 posts
Busy bee
  • Wedding: August 2020 - Hampton, VA

I am a Realtor and no you don’t need to disclose that. It’s up to their inspector to find it. & if the furnace goes out after they’ve closed, you are not liable in any way. That’s the buyers’ responsibility to do their due dliigence, hire experts, and ask for anything that they deem important. 

FSBOs are not easy because of these types of scenarios. You should have a real estate attorney who will handle your closing and who will represent you. The buyers have representation and you are an unrepresented party dealing with professionals. Make sure you have someone to legally advise you – ie the real estate attorney you will need to hire. They usually charge a flat rate for real estate sales – account about 1% of the sales price to be put towards YOUR closing costs. Side note, in my local market, buyers ask for about 3% of closing cost assistance as well. Not sure if you’ve agreed to that or not.

Post # 10
Member
5789 posts
Bee Keeper

I think whatever is found on a home inspection prior to closing and agreed upon/credits given/repairs done and is acceptable between both parties, the seller liability ends. That is always spelled out in any real estate trasaction we’ve ever done. Of course our last 3 sales and purchases have always included One Year Home Warranties provided (by us as sellers and again for us as buyers), but essentially, anything that happens once you take possession becomes your problem. Many things are covered under the warranty, but not all. All you should have to be concerned about is that the items in question are in working order on the day of closing. If your buyers are uneasy, they should be advised to make some requests as you did after your inspection. Not all inspectors do such a great job and may miss some essential items, but one would hope they’d be both thorough and honest.

Post # 13
Member
1142 posts
Bumble bee
  • Wedding: October 2015

I was also going to state that you do not have to disclose anything about the age of the HVAC or furnace, this like stated above is suppose to be confirmed by the buyers inspection. Any inspector worth their salt will check the dates, I am in the process of buying an investment property and we got the current buyers inspection report which was only 12 pages while the inspection I had done on the home is 50 pages of problems listed. That is the difference in going cheap and paying money for a proper inspection. 

The only time that I am aware a buyer can come back after you is if you have work done by an unlicensed contractor for say the electrical and it has caused a safely hazard (fire) in the home. 

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