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The seller has a duty to inform buyers of any known defects in the property. Even if
your state does not require disclosure, it is still a good idea.
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Don't be scared you may run a buyer off by disclosing defects. Disclosure to buyers
actually protects the seller. If you have informed the buyer of any defects prior to
the sale, it is difficult for the buyer to come back later and claim they have been deceived and
demand you correct the deficiency.
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Make sure you get all disclosure in writing and signed and dated by both the buyer and
seller. Disclosure Statements are usually used for this.
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Even if the sale is "as is", it is important to disclose any defects.
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The backbone of the sale is the sales agreement or contract and should include all terms and conditions of the sale.
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It is very important to make sure you have an accurate legal description of the property on the contract.
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All terms and conditions of the sale should be in writing on a legal contract. The buyer and seller
should sign and date the contract.
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Contingencies are often included in contracts. These are "conditions" that must occur for the buyer or
seller to successfully fulfill the contract. For example, a buyer may need to sell their home prior to
purchasing another home.
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Earnest money is the monetary deposit by the buyer as evidence of good faith. Make sure you handle and document
earnest money carefully.
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Make sure you have an accepted time and date on the contract.
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