Are you selling your home after occupying it for less than a year? Do you remember all of the known facts concerning your home that the previous owner disclosed to you? For all you know, the plumber you called to fix the leaking garage might just be the same guy who handled this unexpected but reoccurring problem last year. This is great news for the plumber—not-so-good news for you.
Recently, I heard about a conflict between the buyer and seller of a home that had unpleasant discoveries like the one mentioned above. The severe weather of the season especially has made homeowners aware of issues surrounding their home that were previously unknown.
If you find yourself in a situation where you’re considering putting your home up for sale, but you’ve only lived there for a relatively short period of time, remember to disclose two sets of facts: those you became aware of during your occupancy, and those disclosed to you by the previous owner when purchasing the home.
Revisiting your home’s file and legal documents is essential—if you don’t, you might forget about the leak that conveniently shows up around the rainy season. It’s possible you’ve never experienced such a problem in the short time living there, but still do your due diligence so you can properly inform the next owner.
Keep your files available and organized over the next few years to make sure that the specifics of your home are always accessible. Not only is this process courteous to the new homeowner, it also helps you avoid becoming liable for any minor and/or undisclosed issues that often arise during lengthier transactions such as home sales.