Seller Disclosure
• A Resource For Sellers •
Nevada law states the seller and seller's agent are required to disclose all facts that impact the value or desirability of the property. Things such as: homeowners' association (HOA) dues; whether work completed on the house is permitted and meets local building codes; the presence of any neighborhood nuisances or noises (which a prospective buyer might not notice) like a dog that barks every night; death on the property within three years; any restrictions affecting the use of the property (zoning ordinances or HOA rules). BC Adobe Realty will guide you through the pertinent disclosures.
Contingencies
Most offers include two basic contingencies: 1) Financing, which makes the purchase dependent on the buyers' ability to obtain a qualifying loan; and 2) Inspection, which allows buyers to have professionals inspect the property (to the buyer's satisfaction). Under certain circumstances, buyers could forfeit the deposit, called "earnest money," for backing out of the deal if the reason is not stipulated in the contract. Purchase contracts must include the seller's responsibilities, such as passing clear title, maintaining the property in its present condition until closing, and performing any agreed-upon repairs. A thorough disclosure form can lessen the chance of buyers cancelling contracts/offers.
Repairs (If Necessary)
Getting top dollar for your property may require minor repairs and/or select major repairs prior to listing it on the open market. Nearly all purchase contracts include an Inspection Contingency (see above). Such a contingency allows buyers to "back out" if the inspector finds areas of concern, or the buyer(s) could re-/negotiate for these repairs. BC Adobe Realty advises clients NOT to overspend on pre-sale repairs, especially in this market with a limited number of properties available in areas like Boulder City, NV. Recently, due to lower interest rates, many buyers have shown a willingness to pay almost any price. Conversely, making some repairs may be the only way to sell your property in a down market.
Terms of Other Offers
Sellers are not legally obligated to disclose the terms of other offers to prospective buyers.
Problems With Neighbors
A cluttered landscape next door can distract from the positive attributes of your property. Loud noises (e.g. dogs barking), too many vehicles parked on the street, even home-based businesses; these things can impact the perceived value of your home.
List of Specific Disclosures
Sellers of condominiums and townhouses must be told about covenants, codes, and restrictions or other deed restrictions. Simple disclosures of defects has broadened significantly in recent years; many jurisdictions have mandated disclosure forms. For all property types, expect to disclose the condition of the following:
1. Kitchen appliances; Range, Oven, Microwave, Dishwasher, Garbage Disposal, Trash compactor (if applicable);
2. Safety features; Burglar/Fire Alarms, Smoke Detectors, Sprinklers, Security Gate(s), Window Screens, Intercom System(s).
3. Presence of TV Antenna(s) or Satellite Dish, Carport or Garage and Garage Door Opener(s), Gutters, Sump/Pump.
4. Condition of Electrical Wiring, Gas Supply, External Power Source(s) (e.g. Solar Panels).
5. Condition of Water Heater, Water Supply, Sewer System or Septic Tank.
6. Amenities; Pool or Spa, Patio or Deck, Built-in BBQ and Fireplace(s).
Sellers are required to disclose any significant defects or malfunctions that exist. Things like the condition of interior/exterior walls, ceilings, roof, insulation, windows, fences, driveway, sidewalks, floors, doors, foundation, electrical and plumbing systems. Sellers must also note the presence of environmental hazards, walls or fences shared with adjoining landowners, encroachments or easements, room/additions or repairs made without the necessary permits or noncompliant with local building codes, zoning violations, any citations against the property or lawsuits against the seller that affect the property, settling, sliding or soil problems, flooding or drainage problems, and any damage resulting from earthquakes, floods or landslides.
More Information
BC Adobe Realty is an excellent source for learning about seller disclosure responsibilities. We would love to assist you with the sale of your Boulder City / Greater Las Vegas Area property. If you have any questions, please reach out to us by email or call (702) 293-1707.