If you want to sell your house, there are certain things you need to do to prepare your home and attract buyers. However, certain factors might be off-putting to prospective buyers such as difficult neighbours or subsidence issues. While it could be tempting to avoid sharing certain information with potential buyers, there are certain things which you are obliged to share with anyone who expresses interest in buying your home.
What do you have to declare when selling a property?
When selling a property, a buyer has a certain responsibility to do their due diligence and check whether the property is suitable for purchase; however, responsibility also falls on the seller and they are required to share certain information before the exchange of contracts.
Typically, a seller will need to fill out a “Property Information Form” or TA6. This document provides all relevant information about the property for the buyer and can highlight any hidden issues. It is a legally binding document that forms part of the pre-contract documents.
What issues must you declare when selling a home?
The exact information that you must share with prospective buyers before selling your home is constantly changing, so it is always in your best interest to check. However, there are certain issues that should always be shared including the following:
- Any invisible defects such as high carbon monoxide levels or asbestos
- Issues with neighbours such as noise arguments, neighbours with police-assigned ASBOs or boundary disputes
- Major problems highlighted in former surveys
- Recurring pests or problem weeds
- Outstanding debts associated with the property
- Location of the house
- Proposals for construction or development in the nearby area
- Building insurance details
- Any building work or alterations carried out on the property
- Applications for planning permission (regardless of whether or not the work went ahead)
What happens if you fail to declare when selling a house?
If you fail to declare the necessary information when selling your property, you can risk being sued. If a buyer accuses you of lying on the form, you will need to prove that you haven’t lied. If a claim is then made against you, and it is found that you lied, you could be found guilty in court and be forced to pay thousands of pounds. This is why, in the case of selling a property, full disclosure is usually the best course of action.
In severe cases of misrepresentation – i.e. you have misrepresented information about your property – the court could call for rescission of the contract. This means that you would need to repurchase your old property and cover any expenses paid by the buyer, including legal costs and mortgage interest. Thus, by not presenting the necessary documentation for your property, you could find yourself massively out of pocket.
If you believe that your property has an issue which could make it unsellable and are worried about disclosing information to potential buyers, you could work with a quick cash sale house company who can purchase your property regardless of whether it is in a bad condition or if it is in an undesirable area. This can be a super fast way to sell your property. Start today and get a instant online valuation to see what your property might be worth.