If you are putting up your residential property for sale, there are certain things you need to disclose to the potential buyer. If you fail to perform your disclosure duty, you may be liable for damages suffered by the buyer for failing. They could even sue you for fraud or misrepresentation.
Mississippi law requires you to make these disclosures within a reasonable time before the transfer of title. By providing the relevant information to a buyer, you can sell your home without worries of any issues in the future.
What should you disclose?
Practically, you ought to disclose details that a buyer would be interested in. Everything that could affect the value of the house or those which cloud the title are among the things you should inform a buyer. Some of the areas covered in a Mississippi Real Estate Commission’s (MREC) disclosure form include:
- Encroachments and easements
- Structural issues
- Liens on the property
- Boundary disputes
- Hazardous conditions around the property, among others
You do not have to disclose non-material facts about the property, such as a death or suicide that took place there. While you are not required to provide such information, you should not lie to the buyer if they ask directly.
Be fully honest
When filling out the disclosure form, it is advisable to be transparent and forthcoming with all the information about your home. If you are unaware that a defect exists, it is advisable to indicate that on the form instead of giving inaccurate information.
It will not only create trust with the buyer but also help avoid a costly dispute with the buyer long after you have closed the sale. Learning more about the state’s real estate laws will help you cover all loopholes that might come back to haunt you.