Home sellers. When the time comes to sell your abode, you should be aware that you are required to fill out property disclosures in the state of Louisiana. These disclosures allow you to list any known defects about the home and property.
Why are these so important to fill out properly and accurately? If you hid information or defects about the home and property, that is fraud. In turn, you can be sued by the buyer. None of us want to be in that predicament, though! So, let’s talk property disclosures! (Find a copy of this document on the Louisiana real estate commission website!)
What do you have to disclose?
Home sellers must disclose any known defects that result in one or more of the following:
- substantial adverse effect on the value of the property
- significantly impairs the health or safety of future occupants of the property
- if not repaired, removed, or replaced, it significantly shortens the expected normal life of the property
We should note, though – we tell our sellers to list ALL defects, no matter how small. Buyers can ask for repairs after they perform inspections. We feel anything already disclosed should be off the table for negotiations. (This is NOT always the case. But this is what we aim for!)
Let’s talk specifics.
Here’s a list of the highlight of the property disclosure form and the information you will need to provide:
- Flood Zone and copy of flood declarations page
- If you have a termite contract, who it’s with, and when does it expire
- Lot size
- Roof Age
- Any defects with plumbing or electrical system
- Any servitudes or encroachments you know of on the property
- If the property has ever had termites and was the damage repaired
- Age of the house and any other buildings on the property
- Were any additions or alterations made with permits
- Whether you’re in a historic district
- If the property has ever flooded
- Does the property hold water
- Foundation repairs
- Previous fires
- Synthetic Stucco
- If aluminum wiring exists
- If there is polybutylene piping
- Appliance defects
- Any flood insurance claims
- Zoning for the property
- HOA info
- Any pending litigation
- Solar panel info
- Security alarm info
- If you’ve had a meth lab
Things you do not have to disclose (but you should for some of them!):
- Knob & tube wiring
- If anyone has died on the property
- Cloth wiring
- Galvanized plumbing
- HVAC age
- Pool age and additional info (pump age, when it was resurfaced last) unless there are known defects
- Property Taxes
- Whether or not insulation exists in the wall
- Average utility bills
- Sold History
- Any crimes committed on the property
When the time comes for you to fill out your property disclosures, don’t worry! We will sit down with you and help guide you through them!
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