If you don’t know what a seller’s disclosure is, you’re about to learn all about why you should and what you should know about it.
In short, a seller’s disclosure, or property disclosure, is a document that sellers are legally required to provide buyers that lists anything on the property that negatively affect the home’s value.
In South Carolina, the Residential Property Condition Disclosure Act is a statute that requires every home seller to complete a statement that discloses any problems in the home and provide that statement to the home buyer before both parties sign the sales contract.
This paperwork protects both the seller and buyer. Here’s how:
- For the seller, it’s a safety net to avoid being sued by the buyer if any problems develop with the home in the future.
- For the buyer, it informs them of any issues the home and property may have had in its history, which could affect future repairs and negotiating power during bidding. If the seller’s disclosure shows that there is a major issue, buyers can back out of the contract without losing earnest money.
Some of the standard seller’s disclosure items include:
- Any hazards or contaminants, like lead paint, radon, asbestos, or toxic mold.
- Neighborhood issues, such as noise, pests, or smells.
- Flood risk or existing water damage
- Significant repairs the home needs or had, including structural, electrical, or plumbing problems
- If any deaths occurred on the property or because of the property’s condition
- Any items, like appliances or lighting fixtures, that will be removed after closing
- Other disclosures could include information about the homeowners association, improvements made without a permit, and more
Click here for a complete list of seller’s disclosures that are required by the state of South Carolina.
A couple takeaway notes: Even with a seller’s disclosure in hand, do not skip a professional home inspection. A seller typically provides the disclosure a few days after the mutual acceptance phase of the closing. Some sellers and their listing agents share the seller’s disclosure as early as when potential buyers are at the home tour.
Are you ready to list your home? If so, enlist Paige Bird, the #1 South Carolina RE/MAX agent for the last eight years. In 2021 she: negotiated the sales price for her clients to get 1.27% more than the area’s MLS; sold 115 homes for a total of $33.9 million; sold 68 of those above sales price, with an average list to sales price of 99.08%; and sold listings ranging from $8500 to $1.495 million.
Contact Paige Bird today so she can sit down with you to get started in the home selling process at 843-450-4773.