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Approaching real estate disclosures

On Behalf of | Jan 29, 2021 | Real Estate Disputes

Detailing what might be wrong with a piece of real estate to a potential buyer is probably not high on most sellers’ lists, but it is still important. Indeed, thorough real estate disclosures protect both buyers’ and sellers’ interests. This does not mean that it is necessary to point out every bit of chipped paint or scuffed flooring. Instead, sellers in Georgia should focus on highlighting only serious problems or defects.

Perhaps the most effective way to identify problems is to hire someone to inspect a property. A clean inspector’s report can act as a shield if a buyer later tries to claim that the seller hid problems with the property. However, if an inspection turns up issues, a seller must then disclose those problems that will likely affect the value of the house.

There is no requirement to address serious issues before selling a property, just to disclose them. Some buyers are up to the challenge of purchasing a property that needs a bit of work, although this is usually with the expectation that they will get a lower price. If a seller is worried that the disclosures will bring the value of the property down too low, he or she can always choose to fix things where appropriate.

Providing a written disclosure statement can be overwhelming. Some sellers in Georgia might not be sure what to include and what to leave out, especially if they are worried about buyers accusing them of trying to hide something. Those who are struggling with real estate disclosures or embroiled in a dispute over the matter may want to consider speaking with an experienced attorney before providing anything to buyers.

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