Seller Resources - Articles

Selling Your Home - Disclosure

Whose obligation is it to disclose pertinent information about a property?
In New York State when listing a house it is the seller's responsibility to fill out a property condition disclosure. Some of the items included are: age of the house, how long the property has been owned, age of the roof, type of water supply, type of sewer, if there are any encroachments on the property and many items relevant to the property. It is a good idea to carefully read this document and ask questions if necessary before deciding to buy the property.  

What are the standard contingencies?
Most purchase offers include two standard contingencies: a financing contingency, which makes the sale dependent on the buyers' ability to obtain a loan commitment from a lender, and an inspection contingency, which allows buyers to have professionals inspect the property to their satisfaction. As a buyer, you could forfeit your deposit under certain circumstances, such as backing out of the deal for a reason not stipulated in the contract. The purchase contract must include the sellers responsibilities, such things as passing clear title, maintaining the property in its present condition until closing and making any agreed-upon repairs to the property.

Do I need an attorney when I buy a house?
In New York State it is best to have an attorney when purchasing property. If you are financing the property and the lender allows, you can use the lender's attorney.

What repairs should the seller make?
If you want to get top dollar for your property, you probably need to make all minor repairs and selected major repairs before going on the market. Nearly all purchase contracts include an inspection clause, a buyer contingency that allows a buyer to back out if numerous defects are found or negotiate their repair. The trick is not to overspend on pre-sale repairs. Speak with the listing agent to determine which major repairs help to sell a house.

Do sellers have to disclose the terms of other offers?
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.

How do I get the real scoop on homes I am looking at?
Home inspections, seller disclosure requirements and the agent's experience will help. Don't be afraid to ask questions, make sure you know what appliances convey with the house. Generally the stove, refrigerator, dishwasher and garbage disposal will convey with the house. Sometimes the washer and dryer. 
* All homes in New York State are required to have a smoke detector and a carbon monoxide detector.
* Anything which is part of a house such as tv antenna, decks, pool, built-in barbecues, fireplaces, heating supplies are included with the house.
* Always find out what type of heat the house uses; fuel oil, electric, gas, wood. Ask about usage.  
* Always find out the type  of hot water heater; electric, gas. How old the hot water heater is?

Sellers also are required to indicate any significant defects or malfunctions existing in the home's major systems. A checklist specifies interior and exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, as well as the electrical and plumbing systems. The form also asks sellers to note the presence of environmental hazards, walls or fences shared with adjoining landowners, and the presence of encroachments or easements. Again, it is best to have a home inspection.

Home Inspectors Our Office Has Worked With:

Larry Sharpsteen: 607-533-4991

Steve Bossard: 6070-749-6610

Tom Brady: 607-753-8343

The Home Team: 315-252-7466

Kevin Lawton Architect, PLLC: 315-730-1988

A major part of a Realtors job is to help their clients through the process of buying or selling their property. Call-Roland Bean, Broker: 315-730-3733 or Judy Bean, Lic. Sales Agent: 315-406-3880

Roland H. Bean, Lic. R. E. Broker
Roland H. Bean, Lic. R. E. Broker
Judy Bean, ABR, Lic R E Agent
2481 Jugg Street Moravia NY 13118