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When selling a property in Las Vegas, you have the responsibility to provide a clear picture of the home to the buyer. Although this move may seem counter-intuitive since it may impact on the overall selling price, failure to do so may also have severe consequences. Therefore, the big question is; what must you disclose when selling a house in Las Vegas? Read on to find out everything that you need to know.
- Do You Have to Disclose a Fire When Selling a House?
- Does the Seller Have to Disclose a Death in the House?
- Do You Have to Disclose Asbestos When Selling a House?
- Do You Need to Report Mold When Selling a House?
- Do You Have to Disclose Water Damage When Selling a House?
- Do You Have to Disclose Posts When Selling a House?
- Do I Have to Disclose a Past Problem with My House If It’s Been Repaired?
- What Else Must You Disclose When Selling a House?
- Selling A House in Las Vegas
Do You Have to Disclose a Fire When Selling a House?
Yes. You should never try to cover up fire damage in your home no matter how long it occurred.
In Nevada, anything that is a material fact must be disclosed. A fire is a material fact.
According to the National Fire Protection Association (NFPA), there were slightly over 499,000 reported cases of structure fires in the US in 2017.
The U.S fire problem has become so rampant such that the fire department responds to a fire call every 24 seconds.
An estimated $23 billion in property damage occurred as a result of fires in 2017 alone.
Therefore, it is always a bad idea to hide the fire history of your property if you are looking to sell it.
If you want to sell your property after fire damage, you will have two options, repair the home first or sell as it is.
The easier option is to sell as it is since you don’t have to hire contractors to clear up the mess.
But the downside of it is that you may be forced to sell it at a throwaway price.
Repairing your home will make it more marketable to potential home buyers.Fire Damaged Home Relevant DocumentsBefore you put up your fire-damaged home on the market, make sure that you have copies of all the relevant documents about the fire including the police reports, insurance claims, and any repairs that you made in the home after the fire.
You need to keep in mind that the kind of fire that occurred in the home may influence the buyer’s decision, but that shouldn’t make you hide such information.
The last thing that you want to do is to lie or try to cover up fire damage, the cause of it, and how you remedied it
Does the Seller Have to Disclose a Death in the House?
The cause of death will determine whether you need to disclose it or not.
If you are trying to sell your home in Las Vegas and someone passed away peacefully in the house, there is no legal obligation to disclose such information to the buyer.
However, when it comes to violent deaths that may occur in the home, it becomes a different story.
A suicide or murder case is usually considered as an event that could potentially stigmatize the property is more of an ethical decision in Nevada than a law.
Just like any other physical damage such as water damage, this is seen as something that could affect the overall home’s value.
Buying a home with a history of deaths is always something that makes some buyers uncomfortable.
The good news is that most homebuyers tend to see the house as it is- an empty structure waiting for them to bring in new life and energy.
Only a few individuals will be interested in such information.
Do You Have to Disclose Asbestos When Selling a House?
All home sellers in Las Vegas have a legal obligation to notify any potential buyer that their property contains asbestos.
The truth is that this material was commonly used in an array of building products that were manufactured before 1978.
Traces of asbestos can still be found in some homes up to date, and exposure to asbestos has been linked to an increased risk of cancer.
What is more interesting is the fact that some experts say that some asbestos products may not be dangerous.
They argue that it is only when the material is released in tiny dust form that it endangers human life.
Therefore, before you put your property up on the market; make sure that you get it inspected, especially if the home was built before 1978.
Although the presence of asbestos in a home presents a hardship for real estate agents, this is something that they need to know before they start approaching potential buyers.
While it isn’t illegal to sell homes that contain asbestos, the seller must notify the buyer of such information so that the buyer can make an informed decision.
In some cases, the homebuyer may request the homeowner to get rid of the material from the home before they close the deal.
If the buyer requests the seller to remove the asbestos from the property, the seller should be willing to work with experts to accomplish the mission.
Do You Need to Report Mold When Selling a House?
Yes, you must tell potential buyers about the previous mold damage when you decide to sell your home.
The law requires you to disclose a history of mold damage in your home to potential buyers and what you did to correct the situation.
If there is an ongoing mold contamination issue in the home that the seller isn’t willing to deal with, they can find someone who is ready to purchase the property as it is and deal with the mold growth once the deal is closed.
The essential fact about such a scenario is that the seller must disclose mold growth and adjust the selling price of the property to reflect the fact that the new owner will need to hire mold cleanup services to clear the mess.
Failure to disclose such important information can subject the home seller to a lawsuit.
When you are sued due to lack of disclosure of such crucial information, the court may allow the homebuyer to collect money for damages from the home seller.
In the worst case scenario, the court may force the seller to buy back the property.
The fact that a home shows signs of mold growth is always a red flag for many prospective home buyers.
In fact, most of them won’t even consider buying a house with past mold issues regardless of the set price.
However, if the seller sets an enticing price, it may tempt some people into buying the property with the idea of hiring professional mold cleanup services to clean up all the affected areas professionally.
Do You Have to Disclose Water Damage When Selling a House?
If you have had any water damage in your home, be sure to disclose the information to the buyer.
Disclosing such information is not only ethical but also smart.
Imagine you had a leak in your basement and you fixed the issue and moved on with life.
You sell your property, and less than two years later, the buyer calls to inform you that he/she has a water leak in the basement and the neighbors have told him/her that you experienced a similar problem a while back.
Since you didn’t disclose this information to the buyer, he/she wants to meet the cost of repair, or they sue you for nondisclosure.
Before you close the deal, make sure that you disclose the history of water damage in the home and how you handled each problem.
You can even provide proof of repairs to the buyer to avoid conflicts in the future.
You need to remember the fact that once water damage happens in your home, it can happen again in the future even if the issue is fixed correctly.
Homebuyers know this too. Essentially, some prospective homebuyers will proceed with a lot of caution once they learn of the water damage history.
Do You Have to Disclose Posts When Selling a House?
When selling your property in Las Vegas, the law requires you to disclose any damage that you are aware of to the buyer. We don’t see much with termites here, but we do have pests like scorpions.
The state laws need you to use the standard seller’s disclosure form to provide any potential home buyers of such information.
You need to provide information regarding the presence of termites in the home or termite activity.
There is no official requirement here to disclose pests although someone might claim an infestation is a material fact.
Although the cost of treating termites may be a little bit expensive, it is worth it.
If left untreated, a pest infestation can simply render your home unlivable.
Do I Have to Disclose a Past Problem with My House If It’s Been Repaired?
Yes. It doesn’t matter how many repairs you have performed on your property.
It is always a good thing to provide full disclosure to avoid issues of nondisclosure in the future.
But, you also need to be careful not to over-disclose since that can scare away any potential buyers or make you sell your property at a low price.
You need to take a careful look at the disclosure form that will guide you on what you are supposed to disclose.
The Nevada state laws will require you to disclose any previous repair s that have the potential of reoccurring.
You should also disclose any repair work that may require continuous maintenance and any defects that could have affected the overall value of the home significantly.
For instance, if you have had problems with the foundation and repaired, make sure that you inform the buyer.
But, if the repair was simply something minor that you are sure can’t reoccur in the future such as a leak under the sink, it is something that you don’t need to disclose.
The wise thing to do is to sit down with your real estate agent and note down all the things that you need to disclose before you start meeting prospective buyers.
What Else Must You Disclose When Selling a House?
Roof leaks or a sagging roof that requires roof replacement is a crucial thing that you need to disclose to a buyer.
The truth is that replacing a house roof is costly and a defective roof can easily make a house uninhabitable.
Many homebuyers will want to know the exact age of the house roof to make an informed decision.
The good thing is that you can work with a roof inspector who will determine whether your roof needs replacement.
Forbes reports that lead-based paint is another thing that you need to disclose especially if the house was built before 1978.
It doesn’t matter whether you think the lead-based paint has been removed or not; this information needs to be disclosed to the buyer.
However, if you are aware of the existence of any lead-based paint in the home, you aren’t required to inspect to establish whether there is any.
Are you looking to buy or sell a property in Las Vegas or Nevada? The Lori Ballen Team is here to help you accomplish your dream.
We are a team of experienced real estate professionals brought together for a common purpose, which is to get you to the closing table.
Don’t just find any real estate agent, choose a genuine FORCE, choose The Lori Ballen Team today. Call us at 702-604-7739.