When it’s time to list your Portland real estate or home you’ll need to fill out a sellers disclosure form stating everything that you are well aware of with the home.
A seller’s disclosure is a document in which you’ll need to be as honest as you can be about the home and the property. If you know of any damage, flooding, major repairs or renovations, lead paint, or any other issues, you must disclose them on this form.
What type of things do I need to disclose?
Just about anything you can think of that a buyer may want to be aware of before purchasing the home. Has there been any flooding? Has the home had any pastor termite damage? As the roof been replaced? Is any of the paint in the home lead-based?
While this is just a small sampling, you do need to disclose everything you know about the home. If you purchased the home before 1974, chances are there will be lead-based paint in the home whether or not you put it there. At this point, if you are unsure, simply state that you don’t know. If anything happened prior to you moving in and you are unaware of it, you simply state that you don’t know. Anything that you are aware of from the previous seller’s disclosure when you purchased the home, will need to be disclosed though.
If you are an investor and you purchased the home to rent out, you may not be aware of any issues that have happened. Remember, this is disclosure with everything that you personally know. If you don’t know it, you simply state ‘I don’t know’. At that point is up to the buyer’s discretion whether to investigate further or take you at your word.
Caution: if you deliberately falsify anything on the seller’s disclosure that could potentially harm the buyer in the future and there is proof that you did know it, you could be liable for a lawsuit. So, it’s best to disclose everything that you know up front and honestly.
For more information on Portland’s specific seller’s disclosure or to consider listing your Portland home, please contact me anytime. I would be happy to offer you a free market analysis on your property, home, investment rental, or condo anywhere in the Portland Metro area.