Have you ever heard of Houston real estate disclosures? If you have, you probably know that they normally come with a lot of questions for both buyers and sellers in Houston. There’s only one rule of thumb in this business. To be able to avoid class action lawsuits, you have to be as open as possible. In other words, honesty is always the best policy in this practice. Let’s look at some of the things that the law requires you to disclose while selling or buying in Houston, Texas.
The purpose of all these disclosures is to not just help you avoid lawsuits. They also make you look like a stand-up guy; an all-round and trustworthy person that buyers can transact with. Hiding issues that the house might have or looming repairs is a colossal mistake that will come back later on to bite you. You can successfully dodge the lawsuits but karma will definitely catch up.
A Non-Disclosure Is Always the Reason behind a Real Estate Lawsuit in Houston, Texas
The one question you need to be asking yourself right now is, ‘how much am I required to disclose legally in Houston?’
The law requires you to disclose anything and everything that affects the value of the House or property on sale. Below are some of the things that you need to address:
- Land issues: if the property that you’re selling has poor drainage, bad soil, or could potentially flood during the rainy season, make sure the buyer knows. The type of soil can hinder construction.
- Cracks on the ground: the cracks can affect the structure of a building. So before you close the deal explain to the buyer why they need to use the raw land for something different like farming other than construction.
- Plumbing problems: these are critical things that need to be brought to the forefront before the deal closes. Leaky pipes and sewer issues can make a homeowner spend a lot of money on repairs.
- Cooling and heating irregularities should be addressed immediately.
- If in the past couple of months you’ve been battling cockroach infestations, termite, rats, ants, or moles, ensure the buyer knows.
- Do you have missing shingles or a leaky roof? Don’t wait until the buyer finds out during a rainy storm.
- Lead paint: To be honest, this is a no-brainer. It’s a disclosure that’s common with all rentals in Houston and home sales. In fact, if you’re given a list of disclosures, it will probably appear at the top.
- Title issues: If you have a problem with the rightful ownership status of the property, make sure you spell them out up front and not in the middle of the closing process.
- Also have all documents of insurance claims and repairs made in the past. The documents should describe what was done and the type of materials used.
Houston real estate disclosures are significant to buyers because they help them know more about the property before making their purchase. To learn more about disclosures in Texas call us today.