If you own a home in Illinois and decide to sell, there is a significant amount involved with this process. After putting a sign in your front yard, you still have to prepare your house for the process and determine a fair value for your home. As the seller, you will also have to tell potential buyers some things about your home.
Required disclosures are things you will have to tell any potential buyer about your house. This does not necessarily mean you have to tell people every small problem that exists in your home, but it does generally mean you are legally required to tell people who could buy your house if there are issues that could cost them time or money in the future.
What do you have to tell people about your house?
Every home has small problems. You may not even be aware of some of these issues until you start to prepare your house to sell. While you do not necessarily have to tell every person who looks at your house about every little flaw, it is helpful to understand which problems you are required to disclosure and what they could mean for you. You may have the following questions:
- Do you have to pay for an inspection of your house? You do not necessarily have to pay for an inspection of your home of your own volition, but there is a chance your buyers will require it as a contingency in their contract.
- Should I go searching for problems? You do not necessarily have to go search for issues with your house. Required disclosures only include issues of which you are already aware or that are readily apparent.
- Who has to make repairs? It is not necessarily a requirement that you fix problems you have with your house, but your buyer may ask that you do repair some things as part of the sale contract.
The process of selling a house is actually a major legal and financial transaction. In order to ensure the full protection of your interests, you may find it helpful to seek qualified guidance during this time.
Don’t buy problems when selling your home
Before you take the steps to put your home on the market or before you sign any type of real estate contract, it is smart to have experienced guidance by your side. There are a lot of issues that can lead to complications during this process, but you can take steps to avoid problems when selling your home.