You are legally obligated to follow federal, state, and local disclosure laws for real estate transactions, reporting any information about defects with the structure or other pertinent facts you are aware of that could ultimately affect the property’s value. In addition, you should discuss with an experienced professional even the most minor of issues that could infringe upon the use, value, or enjoyment of the property in its entirety. Disclosure laws are one reason you should keep careful records of all work done. You should also maintain possession of the disclosure form after the closing for three years to protect yourself.
In addition to structural or other issues with the home itself, another way to fail to disclose would be in misrepresenting the property. For example, you schedule a showing appointment for potential out-of-town buyers to stop by the property, intending to hide the noise factor of a nearby airport or the time of day the smells from a nearby factory are pouring in the windows, and you don’t mention anything. Read on to discover the consequences of not disclosing problems with your Fairfield house before selling before you find yourself learning them the hard way.
Legal Action
Neglecting to disclose pertinent issues with your residence in Fairfield before selling it can result in severe legal repercussions. Withholding material facts about the property is a critical matter, as it has the potential to be construed as real estate fraud, opening the door to legal actions initiated by the buyers. If you find yourself grappling with concerns about existing problems within your home, a viable solution may be to consider a direct sale of the property in its current condition.
Professionals such as those affiliated with Micadam, LLC can offer you a comprehensive assessment, comparing what your home is likely to fetch on the traditional Multiple Listing Service (MLS) market against the potential offer in a direct sale. At Micadam, LLC, our primary goal is to assist you in achieving the highest possible profit from the transaction, even if you ultimately choose not to engage our services directly. We prioritize transparency and aim to empower you with the information needed to make informed decisions about the sale of your property.
Legal Judgement and Court Costs
Failing to disclose problems with your Fairfield home before selling can lead to a host of unfavorable consequences. Beyond the inevitable expenditure of time, energy, and the emotional stress associated with addressing the aftermath of such a situation, there’s a very tangible and potentially significant financial risk to consider. Non-disclosure of material facts about your property can result in legal actions and judgments against you, which could amount to tens of thousands of dollars or potentially even more.
This legal action can arise because buyers, who rightly expect full transparency in their real estate transactions, may perceive the lack of disclosure as a form of real estate fraud. In their pursuit of justice, they may initiate legal proceedings to seek compensation for any damages or losses incurred due to undisclosed problems with the property.
To mitigate these risks and ensure a fair and transparent transaction, it’s advisable to explore options such as a direct sale of your property, which may involve fewer legal complications and provide an opportunity to address any issues upfront. Companies like Micadam, LLC specialize in helping homeowners evaluate their options, presenting comprehensive comparisons of the potential outcomes of traditional MLS listings versus direct sales. The ultimate goal is to help homeowners maximize their profits and avoid the legal and financial repercussions that may follow non-disclosure.
Paying for Repairs or Damages Suffered
After closing, you are still responsible financially for paying for any of the consequences experienced by the buyers from your not disclosing problems with your Fairfield house before selling. If a repair is needed, for example, a discovery of unpermitted work you performed, it means you’ll likely be paying for the tear-out and replacement to make it right, along with the permitting fees you were trying to save. Similarly, if medical treatment should be necessary because of a health hazard, the hospital bills will be yours as well.
The experienced direct buyers at Micadam, LLC can help you with what you should and should not disclose to help you avoid the consequences of not disclosing problems with your Fairfield house before selling. At Micadam, LLC, we understand the importance of communication; our direct buyers stop and listen to your questions or concerns, with no pressure or obligation to work with Micadam, LLC. Why not save money and time by selling your house directly to Micadam, LLC and avoid the prep work, repairs, showings, and paying high commissions or other fees at closing. When you make a direct sale to Micadam, LLC, we want you to agree that the cash offer for your house is fair because we want you to feel good about working with us long after the sale. Contact Micadam, LLC today at (203) 807-8183 to learn more.