Is it worth highlighting all property issues or is it possible to repress a few facts for a better sale? Let’s find out what you can and can not tell your real estate agent while putting up a property for sale.
One of the major reasons a seller wants to refrain from disclosing all the information can be due to the hesitance of losing potential buyers. That is very natural and while it might seem tempting to only put forth positive facts, to avoid legal difficulties you are required to provide certain information. Our estate agents in York can help you navigate seamlessly while looking to sell or buy properties.
Here are a few points as a home seller you can choose from disclosing.
- The present ongoing sales price for the property in the market
- The duration of time the property has been for sale
- Why is the property for sale?
- The price in comparison to other similar properties
- How many offers have you received
- And how quickly are you willing to close.
Though secrecy is not entertained under any circumstances by the law, it is necessary to declare all positive and negative details of the property. This is mainly to protect the buyer’s interest. On not doing so, the seller can be taken to court by the buyer for not providing all information.
The Property Information Form, also known as TAG6 encompasses all the details required to be disclosed by the seller to the buyer, so that it doesn’t impact them.
What should a home seller disclose ?
It’s always advisable to the honest as deceit is not permitted and could lead to prosecution. It is very important to provide all relevant information pertaining to the property. Failure to do so could land you in a legal lawsuit.
Here are the Important issues to be disclosed at all cost:
- Death on the property
- Neighbors with anti-social behavior orders
- Flooding issues, current or previous
- Planned construction proposals nearby
- Any structural issues with the property
- Neighborhood with high crime rates
- Any Known pest problems
It is always advisable to speak to a solicitor when in doubt about the things to be disclosed.
Is disclosing information regarding neighbours necessary ?
An interested buyer will always ask details concerning the neighbourhood and your opinion on them. TAG6 form also requires certain information regarding the neighbours to be disclosed. Though it might seem tempting to avoid certain matters of your neighbours due to disputes and complaints, the best resort is to resolve it before the sale.
Be aware if you’re not honest and fully transparent regarding your neighbours and the buyer gets hold of certain troubling information, the buyer is within full right to seek legal aid.
To reassure potential buyers you can provide proof demonstrating that the issues have been resolved. This also works for other house issues. If you provide substantial evidence such as documents, receipts and paperwork regarding a previous issue now resolved, the buyer will favour more towards the property.
