What Paperwork Should Be Accessible
- Maintenance and Home Improvement Records
Have available all of the records with regard to maintenance service work, warranty work or improvements that you have made throughout the ownership of the home. Of particular interest will be roof replacement or repair, appliance repair, plumbing service and electrical work. If you have kept up with the proper service and maintained good records, most buyers will see that as a very strong positive for the house.
- Utility Bills
Most potential buyers will want to know the approximate monthly utility bills. If you have all of the bills for gas, electricity, propane, sewage, garbage and water for the previous year, have them available. If you have not saved your bills, call each of the utility companies and ask for a print-out of your bills for the previous 12 months.
- Taxes
- Warranties
Have available all warranties that are still in effect for appliances or other items for the home. This is especially important for roofs, pools, spas, electrical and major appliances.
- Legalities of Home Preparation
Some sellers make a severe mistake and try to cover up problems that exist with a home. An example is painting an interior wall to cover up a discolored area caused by a leak in the exterior wall or roof. The buyer will not take action six months later when it rains and the leak reappears. This is an example of withholding pertinent information and falls under the laws of seller disclosure.
- What Must Be Disclosed?
Since the mid 1980's many states have made it mandatory that a seller disclose, to every potential buyer, any existing problems or defects of which the seller is aware. As of July 1, 1996, only four states do not require disclosure. Other than Arizona, Kansas, Tennessee and Alabama, all states require seller disclosure of any substantial problems or defects which could affect the value of the home.
- How Should Disclosure Be Done?
In many states, (about 20 as of July 1, 1996) sellers are required to complete a seller disclosure form. These forms cover everything from appliances to roofs, plumbing, flooring, termites, and some even require disclosure with regard to zoning charges or new bonds and assessments which will affect the buyer's valuation of the property.
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