Imagine that you have just moved into your new Portland area property, and suddenly you are up against some serious flaw you knew nothing about. Added on top of the normal moving turmoil: now there’s this! You didn’t have a chance to fix things up before you moved in because you were totally in the dark concerning the problem. Imagine the frustration, disappointment, and anger… Enter: lawsuit.
In other words, for you as a seller, there are some pretty convincing reasons to do unto others as you would have them do unto you.
A disclosure is a written statement describing your obligations under state and local laws regarding property flaws you know about. Your disclosure might include structural defects—like leaking windows or cracks in the foundation. It might include landscaping problems, like a branch that endangers a power line; and in some areas could even include air pollution or other environmental factors beyond your control. Any Portland property issues that the law specifies must be disclosed before the sale is finalized.
The consequences for not following the law can be serious: they could mean a lawsuit seeking the cost of repairs and other damages. In any case, you will want to insulate yourself from these risks by making sure you’re informed about the state of your property in Portland and by disclosing issues whether or not they are discovered during inspection.
Full disclosure isn’t just the surest way to protect yourself from future legal action — it also lets you rest easy knowing you’ve done the right thing. Don’t assume a buyer will lose interest in your property because there are flaws. All properties have them, and by helping your buyers make informed decisions on what they want to do before they move in, chances are you’ll boost their confidence about the transaction. You’ll feel good knowing that you treated your buyer as you’d want them to treat you, and you’ll feel even better knowing that some non-disclosed property issue won’t come back to haunt you.
Preparing to sell this winter? Call The Craig Reger Group today at (503) 389-0686 to get your home listed and sold!