Boston Property Management: Disclosure
Sellers usually make tweaks to the house before they put it on the market. In most cases it is a standard as they want the property to look at its best. However, in some cases it’s because the seller wants to hide something. The good thing is that sellers are required to document all defects in the house in most parts of the country. This does not mean that they will not try to bypass that.
This is where they have to fill out a disclosure statement which lets the buyer know of any faults within the property. The seller has to be honest and inform the buyer about every defect within the property. It doesn’t matter whether the defects are major or minor. They have to be reported so that they protect the seller for any legal consequences. This is a good chance for them to be honest and report everything which could lower the value of the property or be a useful factor.
It is still better than the state of California where sellers have to fill out loads of documents to document the sale. In other states it is easier where the seller just has to fill out a series of yes/no questions. Also make sure that you show all communication between previous owners, the agent, the seller and the neighbors. Laws are very strict about a seller not disclosing anything which could have a negative effect. So don’t go and hide something which could lead to consequences for you later.
Boston Property Management: Disclosure to buyers
You have to let them know what improvements you have done, what renovations have been done and what upgrades have been done with or without permits. Make sure you cross check everything to see if it was done with the permission of the city. If it was not done according to code, then it could lead to more health or fire hazards. Everything has to be disclosed so at least you know what the issue is if it happens later. The worst thing you could do is if you buy property from someone who doesn’t disclose he has a lien on his property.
The disclosure documents will let you know about everything but this does not mean that you don’t get the property inspected by a building inspector. Doing a full inspection of the property is the responsibility of the buyer. You will get the disclosure documents after the sale. If you see something you don’t like, you can terminate it. Remember that once you sign off, then there is no going back.
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