What do I need to disclose when selling my home?

So you’ve decided to sell your home but now you’re not sure what you do (or don’t) need to disclose to any potential buyers?

Honesty is always key!

Disclosures fall into 2 main categories when selling your home: physical defects and material (aka latent) defects.

In Ontario, sellers must disclose defects that may affect the buyers use or enjoyment of a property.

• Physical defects are those that can be easily seen by buyers viewing the home. This could be foundation cracks, water stains, a missing deck railing, etc.
• On the other hand, material or latent defects are defects to a property that are not generally discoverable by a prospective buyer during an inspection or an ordinary showing. These are the types of defects that we want to ensure that the buyer is aware of before purchasing a property. A few examples are a leaking roof with no obvious leak marks, if someone has died in a home, or a mold problem due to a main water leak.

Learn more from RECO's article.

Questions about selling your home or what you need to disclose when selling your home? We'd love to help. Learn more!