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Identifying and disclosing real estate defects

| Jan 7, 2021 | Real Estate Transactions

When selling a property in Texas, it is important to be upfront regarding any defects or problems. This does not mean one has to list out every minor detail like chipped paint or scratched floors, though. Instead, sellers should first focus on discerning between minor cosmetic issues and significant real estate problems.

A good place to start is to have the property inspected. A professional real estate inspector can correctly identify any serious issues with a home that should be disclosed to any potential buyers. Of course, an inspection that is less than ideal might impact the value of a home.

Of course, an inspection might yield nothing of concern. A clean inspection report can be a good bargaining chip when seeking higher offers. It can also afford the seller protection should a buyer later claim that there were undisclosed defects.

It is not necessary to actually repair any defects or problems. Sellers are only obligated to disclose issues, especially as it may be easier to let buyers handle the cost and hassle of repairs. However, since a poor inspection report could negatively impact a property’s value, it might be beneficial to consider addressing certain problems.

Navigating the world of Texas real estate on one’s own can be a stressful experience. From identifying and disclosing defects to completing buy sell agreements, there is a lot that can go wrong. Taking the time to speak with an attorney early on in the process may prove helpful to those who are ready to sell.

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