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Important aspects of a disclosure agreement

As real estate investment continues to grow in popularity, so do the possible opportunities. However, with this real estate expansion comes the increase in possible transaction issues.

Whether you are a seasoned professional or are just getting into the investment field, the more you know about the process, the better. The disclosure agreement is an important aspect of the sale, and there are a few important aspects to be aware of that may help to protect you as you look to sell your property.

Disclosure statement

The disclosure statement helps to make sure the buyer is fully aware of the state of the property at purchase. When completing this statement, take your time, and make sure that you not only disclose any possible damage or easements, but also that you clearly describe any such infractions. It is better to possibly overshare than to give potential buyers an argument for a possible claim of nondisclosure or misrepresentation.

Current litigation

If you are aware of a current litigation case regarding a defect that may affect your property, provide all relevant information that you can. This may include speaking to and gathering information from the homeowner association board or your neighbors and collecting any relevant documents and written information.

Independent inspector

Though this may merge into the buyer's side of responsibility during the selling process, it may be beneficial to invest in a home inspection conducted by an independent party. This will help to show you are being upfront about any damages, defects or easements you should be aware of. If the inspector finds any new issues, you can get ahead of them and negotiate how to handle them during the selling process.

Disclosures are vital to protecting you as the seller. Though it may have an effect on your overall selling price, it is better to take the loss there than possibly face a substantially bigger loss through litigation in the future.

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