When it comes to selling your property and sharing information about it to a buyer, the situation isn’t as simple as it looks. Even though a Seller’s Disclosure Statement is not always necessary, it is expected that you will reveal any material facts that may influence a potential buyer’s decision, as a buyer can always seek one.
Determining what is and isn’t a material fact is a bit of a grey area, especially for agents. On the one hand, a Real estate agent in Melbourne is obligated to act in your best interests and sell your property for the highest possible price, yet on the other hand, they are also legally obligated to disclose significant facts pertinent to the sale of your home. Balancing the two acts need expertise and years of experience.
Of the many things you need to consider, when looking for houses for sale in Truganina, one of the most crucial things the experts suggest is to remain honest. It pays rightly if you want to avoid future problems. You can choose to correct problems before putting your house on the market, or you can be upfront with purchasers and let them budget for any necessary repairs. But it’s worth it to strike the right mix. Some things don’t have to be disclosed by law, such as your nefarious neighbours or if there’s a howling pet. You don’t want to ‘over-disclose’ and jeopardise your selling possibilities.
That said, the following are the main points you need to keep in mind when selling a house –
Asbestos
Because asbestos has long-term health risks, most states require you to declare if your property has, had, or could contain asbestos. If your property contains asbestos, it is still legal to sell it, but you must disclose this information or risk being sued. If the information is shared beforehand, there’s little chance of getting into trouble later if the property is sold.
Property defects
Despite the fact that many purchasers arrange for a building inspection before making an offer, you are legally required to disclose any flaws such as structural issues, damp, if there is or ever was any insect infestation, or broken fixtures and appliances. So, ideally, resolving these issues before putting your home on the market is a beneficial step for you.
Serious crime committed on the property
The community anticipates that any severe crime committed on the land will be made public. Depending on the gravity and timeliness of the offence, the agent may not consider it a substantial fact. For example, a murder case from 50 years ago that was never reported in the media may not be as serious as a well-known murder case from 40 years ago. Although it is up to the agent’s discretion to determine what can influence a buyer’s decision, it is nevertheless critical to give this information if you are aware of it.
Current tenancy agreements or leases
In most general contracts, the standard term is that the buyer will get a vacant possession while settlement. However, in case of any lease in existence, there has to be a proper contractual requirement. Under common law, the potential buyers must be informed of any concerns related to the property title. Generally, the title flaws might are as following – :
- Easements are a part of land recorded on your property title that allows someone who isn’t the land owner to use the land for a certain purpose (such as a shared driveway).
- Covenants that may have an impact on the use and value of your property.
- Leases in which the property is leased for an indefinite period of time after settlement.