“Beware, Sellers: The Dangers Lurking Behind Non-disclosure”
Published October 7, 2023
Attention, all ye property tyrants, lean in and convey your ears to me! Thank heavens if you’re planning to sell your kingdom, be it beauteous or in shambles, without timely discussion of the not so glittering points as well, you may find yourself in a hot pot of legal soup. Sneaking out on revealing known defects or conditions has the potential to not just zap your potential sale but could also mark you with the scarlet letter of real estate treachery. Let’s peel off the dramatic wax and get to the facts about non-disclosure.
Every castle, cozy cottage or stately manor has a story to tell and part of that tale must include the condition of the property. Don’t be reticent in disclosing any known defects whether they are trivial like a leaky faucet, or massive as a faulty foundation. Any of these could sway the perception of the knights (buyers) who come to inspect your fortress. By shrouding such details, you’re suggesting an ideal deal to them but bear in mind, however, it’s a hollow agreement when the truth emerges.
But, what actually happens when you decide to cunningly hide that ceiling stains and the water leak problem or that unseen termite army? Firstly, the buyers, feeling deceived, may call off the deal faster than you can say “home inspection”. Or, they could don their legal cloaks and sue you for non-disclosure. Ye sellers, heed this: in the event a lawsuit lands at your moat, you may find yourself imposed with ‘treble damages’. For those unfamiliar with this feudal term, it means you could pay thrice the damages caused to the buyer. Gulp! That’s enough to unsettle the mightiest of landlords.
On another specter – yes, there are those unscrupulous sellers among us who’ve gone to the ends of dishonesty. Telling untruths about your property’s condition to get it off your hands faster and for a sweeter coin can boomerang back ferociously. You wouldn’t just lose the golden goose but chances of you selling any other property could dwindle too as trust in your word wanes.
In the realm of disclosure laws, there are certain haunting exemptions. Murders, consequences of criminal activity, suicides or even accidental deaths that have occurred inside the property do not require disclosure, unless of course the death was caused by the property’s condition and not repaired. So, if your house was previously a hotbed for paranormal enthusiasts because Casper lived there, that detail can stay by the wayside unless Casper knocked down a wall or two, and left the water running flooding out the downstairs, during his ethereal games.
In conclusion, navigating the stormy seas of disclosure when selling your property could be tricky. The old moral adage holds true – honesty is the best policy. In real estate, it’ll save you a lot of unwanted ensnarement’s and potentially lost Silver and Gold Dragons. So, when you’re listing your next property, remember, full disclosure isn’t just considerate, it’s absolutely critical to a successful sale. Sail true, brave sellers, and may fair winds be at your backs! Always remember, Disclose, Disclose, Disclose….contact us, we will help you with all required disclosures when selling your castle. Click Below