Marianne's Tip of the Week
September 30, 2024
The Home Inspection and Seller’s Disclosure
What Sellers Need to Know
Buying a home is one of the biggest investments a person will make. It goes without saying that
buyers want to make sure they are making a sound investment by finding out everything they
can about the condition of the home prior to the purchase. A Seller’s Disclosure will provide the
buyer with known defects in the home, while performing a home inspection may uncover
unknown defects. If you have lived in your home for a long time and are thinking of selling, you
may be unfamiliar with the process and the recent changes to the seller’s disclosure. Here is
what you should know as a seller to help ensure a successful transaction.
NJ recently passed a law requiring all sellers to fill out a Seller’s Disclosure, even in cases
where the seller never occupied the home. The disclosure must be filled out accurately and to
the best of the seller’s knowledge. The disclosure has a new section for flood risk, which
requires the seller to search their property address on New Jersey's Department of Environmental Protection's website. The disclosure is provided to buyers prior to signing the contract.
What to Expect During the Home Inspection
Home inspections can take a few hours or more depending on the size of the home. Homes
with septic systems, pools, and wells can require additional inspections. Buyers may also
choose to test for radon if a home has a basement. With the exception of a well inspection,
which is the seller’s responsibility, you should be prepared to allow the buyers, the buyers’
agent, and the inspectors access to the property during the inspection period. It is
recommended that the seller not be present during the inspection.
A qualified inspector will look at all areas of the home from the roof to the basement and
everything in between. Inspectors will note the condition and age of the roof, appliances,
plumbing, electric panels and wiring, and all structural components of the house, noting any
suspected structural issues.
The Home Inspection Report
Even the most well-maintained and loved homes are not without a few flaws. Don’t be offended
by the report. Even though an inspection report can be many pages long, not every item is a
cause for concern or requires an expensive repair. Many times repairs can be as simple as
installing GFCI outlets in kitchens and bathrooms or re-grouting tiles in tubs and showers.
What Sellers can do to Avoid Surprises
You may choose to have a home inspection before listing your home. Inspections can range in
price from a few hundred dollars and up depending on the size of the home. Doing an
inspection ahead of listing your home will give you time to make the repairs, and the flexibility to
choose contractors. However any defects uncovered must be included on the Seller’s
Disclosure. As always, a trusted real estate professional can help you decide your best options
and can provide you with a list of recommended home inspectors and contractors.