When you sell a home, you want to be confident that no lingering issues will let the buyer back out. Seller obligations and disclosures are a crucial responsibility, and they can be tricky to navigate if you aren’t familiar with the specifics. Before you begin working with a real estate agent, learn more about the specifics of real estate disclosures in New Jersey below.
Understanding Real Estate Disclosures and Seller Responsibilities
Warranty of Habitability
You’ll first need to ensure that the home is legally habitable. Factors that can render a home unlivable include health violations, dangerous electrical wiring, extensive mold growth, pests, fire and shock risks, and missing roofing, windows, and doors. If you spot any of these issues, have them all repaired and schedule a home inspection so you have proof that the home is habitable.
Disclosing Existing Issues
You’ll also need to be transparent about problems the buyer will inherit. These can range from chipped paint in a bathroom to cracked flooring, a damaged window frame, or poor ventilation in the attic. Let the buyer know exactly what they’re getting so they won’t have grounds to file a lawsuit. It’s wise to have a real estate agent do a full sweep with an inspector and appraiser. They can advise you on what’s cost-effective to repair, such as a broken fridge. When dealing with more expensive improvements, such as roof replacement or foundation repair, it’s normal to lower the home’s sale price and let the buyer know they’ll inherit these issues.
If you’re selling a home that may need significant repairs, cleaning, or is uninhabitable, there needs to be an “as is” disclosure. This lets the buyer legally acknowledge that they’re getting the home exactly as it is and that you aren’t responsible for any maintenance. If you choose this option, a real estate agent will draw up an as-is clause in the contract of sale that covers everything.
Whether you’re prepared to buy a house or sell real estate, the team at Liberty Realty LLC can assist. These real estate agents in Hoboken, NJ, bring years of experience to their clients and have an in-depth knowledge of the local market. They can help with family homes, condominiums, commercial real estate, and more. Visit their website to learn more about this agency, or call (201) 610-1010 to schedule a consultation. Follow them on Facebook to receive updates about properties in your area.