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July
30

Handling Disclosures - Sell a Home - Badger Peabody & SmithOur real estate agents know how important it is to you to sell your home quickly and with minimal fuss. Sellers, like buyers, tend to get the best deals when they move fast—and there are still plenty of people out there looking for the right Plymouth homes for sale.

Although it's important to present your property in the best light possible, there are also rules you need to follow. Your real estate agent is a crucial ally, ensuring your home's listing is accurate. A serious oversight can result in penalties or even legal liability down the line.

Details that absolutely must be communicated to a seller are called disclosures.

Disclosures vary from one place to another. For example, there are some parts of the United States where required disclosures include whether or not a crime has ever been committed in the home or whether it has ever been believed to be haunted. Luckily, this is out of the ordinary.

Disclosure laws are usually easy to understand. Not all states define disclosure rules, known as "Caveat Emptor" states. Here, it's primarily the buyer's responsibility to sleuth out anything that might be wrong with the home. This means the buyer must be especially diligent.

Even though New Hampshire features limited disclosures, sellers still have some obligations.

As a seller in New Hampshire, you must disclose the following:

  • Type of Private Water Supply System
    Sellers are generally required to disclose the location, installation date, and any known malfunctions with the private water supply system. The date of the most recent water test and its outcome (especially negative) are also specified under New Hampshire disclosure rules.

  • Private Sewage Disposal System
    Your septic or sewer system connection is another area of concern, and you must disclose much of the same information that applies to the water supply system. In addition, you'll need to include the date on which it was most recently serviced and the name of the servicing contractor.

  • Roof and Wall Insulation
    The type and location of insulation in the home are covered under disclosure rules in New Hampshire.

  • Responses to Specific Questions
    If the buyer or the buyer's agent asks a specific question to you or your agent, you must be truthful in your response. It is unlawful to lie, obfuscate, or conceal information that a "reasonable person" would rely on in deciding whether or not to buy a home.

  • Additional Disclosures
    Since it's up to the buyer not to overlook information that might harm them in the long run, they often use standardized forms to gather certain facts. It's not unusual for a buyer to ask a seller to state that the property contains no underground storage tanks or certain toxic chemicals.

  • Property Inspection Outcomes
    Listing a property "as-is" does not protect a New Hampshire seller from the possibility that the buyer will commission a home inspection at their own expense, usually for $100 to $200. This is a requirement for many lenders, who will not finance a home with significant electrical, roofing, or septic issues.

  • Voluntary Information
    Any information you or your agent "volunteers" to a potential buyer isn't protected by disclosure laws and may be used as the basis of the buyer's decision. It's wise to get on the same page with your agent on what needs to be disclosed and what you will discuss in detail only at the buyer's request.

Have other questions about New Hampshire disclosures? Contact us to find out more or get started.

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