When selling your Los Angeles home you are going to be faced with the responsibility of disclosing everything you know about your property. There is no question that you can hide certain matters for fear that it will affect the sale in some way. All will out in the end and you do not want to go through escrow and have the buyer walk, or worst case have to deal with a lawsuit.
As a seller you will be required to fill out various documents a couple of which will ask you specific questions, the Transfer Disclosure Statement (TDS), which is always required, and possibly the Seller Property Questionnaire (SPQ) often requested.
The TDS is less extensive, with 16 basic questions, and the SPQ has around 51 questions which covers almost anything that needs to be addressed with plenty of room for expanding should there be anything to disclose.
These are three key issues to think about as noted on the SPQ:
- “…tell the buyer about known material or significant items affecting the value or desirability of the property and help to eliminate misunderstandings about the condition of the property”
- “Something that you do not consider material or significant may be perceived differently by a buyer”
- “Think about what you would want to know if you were buying the property today”
You are not expected to disclose what you don’t know, but if you have any doubt whatsoever about mentioning something then for sure you should.
- There may have been a leak in the bathroom several years ago which was fixed. Disclose and explain.
- Do you hear freeway noise but it doesn’t bother you? Disclose
- Did you hear of a proposed assessment on your condominium dues but are not sure if it is going to happen? Disclose and explain
- Is something on your property not permitted. Definitely disclose. If you are not sure disclose and explain.
You get the idea. Even if you are unsure you will be protected if you Disclose, Disclose, Disclose.
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