What It Costs to Close? Closing is a fairly simple process, and most of the time they walk away with a check in hand. But for buyers, closing can be one of the largest expenses of their lives. You
What is the most important documents that a buyer closely scrutinizes?
Dated: November 30 2018
The seller’s disclosure is ONE of the most important documents that a buyer closely scrutinizes prior to going under contract.
If there are any blank questions or ambiguities, you are likely going to be asked for further clarification and it could delay or prevent a buyer from moving forward.
1. Be Accurate - If you had a four point inspection for insurance purposes at the time of purchase, that could tell you the age and type of key components such as the roof, plumbing and electrical. Use this to help determine the present age when you are completing the disclosure.
2. Be Honest - Answer every question to the best of your knowledge. If there was something that happened such as a roof leak or water damage for example, provide as much information as possible. Buyers want to know when the issue occurred, the nature of the damage and what was done to repair or address the issue. If an insurance claim was filed, be sure to note that and what the outcome was as far as coverage. The claim could very well turn up when the new buyer works on obtaining insurance – better for the buyer to learn about it from the disclosure first. (Attach any relevant paperwork as well such as receipts or invoices.)
Buyers need assurance that all adds up. Surprise is never a good thing in real estate. In short, be thorough and provide information to the buyer that will give them confidence in their decision. Contrary to popular belief, buyers are not frustrated with too much disclosure, but rather not enough.
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