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Q: We had water in our basement once 10 years ago, but repaired the problem and it has not happened since. Our basement is dry. We are selling our home, do we have to tell the new owner about the one time we had water?


By Roxanne Johnson

Fri, May 11th, 2012
Posted in All Ask the Expert

RE/MAX Select Properties

888-839-2142 • roxanne@harmonytel.netwww.remax-selectproperties.com

A:
First and foremost all Sellers are required Under Minnesota Law Statues 513.52 through 513.6 to satisfy the disclosure requirement for residential property. Sellers are obligated to disclose to prospective Buyers all material facts of which the Sellers are aware that could adversely and significantly affect an ordinary Buyer’s use or enjoyment of the property and any intended use of the property that the Seller is aware of.

 The question is “have the conditions previously or currently exists”, the answer is yes.

 When a Seller completes a Disclosure of Condition, you should disclose what you know, even if it was just once. State what happened and what action was taken to address the issue. This will help the new owner understand, care, and maintain the property and alert them to items that may need extra attention.

 Buyers feel more comfortable with properties that have disclosures with helpful information on the forms.

 Sellers may elect to waive the detailed disclosure and complete a Sellers Alternative Disclosure Statement. This is usually when the representative has not lived in the property and knowledge is limited. The property may be sold “AS IS” upon closing. However, the representative or seller is still obligated to disclose material facts they have knowledge of. IF in doubt disclose and consult your realtor .

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