What the buyer needs to know when buying a FSBO home.
Information the Buyer Needs to Know
The items included in the sale of the house could result in a problem between the seller and the buyer. As the seller for the "for sale by owner" home, it will be your responsibility to mediate when a dispute arises.
A rule of thumb say that anything , built-in, attached or connected with a water or gas line is considered to be part of the house. Appliances that stay with the house and included in the sale would be the built in microwave oven, water purifier, dishwasher, cooking stove and the outdoor gas grill, The refrigerator, clothes washer and dryer appliances are considered to be personal property and the seller will take them with them. Sellers may ask a higher selling price if they include appliances not usually included in a sale. Anything that is to stay with the house should be written into the contract.
Chandeliers, bookshelves, kitchen cabinets garage door and window treatments are also considered part of the property. If you have a chandelier or any item you want to keep take them down before showing the house and replace them with something else. This way there will not be a dispute over something you take out of the house the buyer considers part of the property. If you are unable to take it down before moving, list the item or items as personal property.
As the seller most states require you to inform the buyer certain facts about the home. You will attach a seller`s disclosure form to the real estate contract. The buyer has the right to know if there has ever been fire, wind, or flood damage to the home requiring repair. The buyer also need to be made aware of any possible hazards, such as the home is on a fault line or near a military training facility which may have potential explosives.
The buyer needs to know if this home is a part of a homeowner`s association which requires payment of fees. Also you will have to attest if you have any knowledge of lead based paint hazards on the property. Some states require you to inform the buyer of the method by which they can find any registered sex offenders living in the neighborhood.
The buyer needs to be given a plat of the property and informed where the property lines run and should be informed if there are any encroachments onto the property.
The buyer needs to know if there are any liens on the property and also if there are right away easements that cross the property.
The buyer will also need to made aware of burglar alarms, pest control, fire alarms, smoke alarms, satellite dish, sprinkler systems, water shut off valves and electrical breakers and washer/dryer hook-ups.
The disclosure forms are all available at all of the major office supply stores, such as Staples, or Office Depot. You can also download them off the Internet for a fee from audrie.com.
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