Congratulations! All your hard work in staging your home, making repairs, and an endless parade of showings has finally resulted in a contract. But before the sale is finalized, you’ll need to clear a few more hurdles to ensure your buyer won’t back out.
Part of your legal responsibility as a homeowner is to disclose certain information about your home to your buyer. This ensures that buyers have a better idea of your home’s condition and any defects, which could impact their decision to move forward with the sale.
This is a scary prospect for sellers, especially if you’re eager to unload your home. The good news is you don’t have to reveal every single flaw in your home.
Here’s what Nevada homeowners are and are not required to disclose to buyers by law:
Required Nevada Seller Real Estate Disclosures
Disclosure requirements can vary from state to state. Many states like Nevada follow a broad law that requires them to reveal material defects that the seller knows about. These material defects may include, but are not limited to:
- Cracks or instability in the foundation
- Leaks in the roof or ceiling
- Plumbing issues (e.g. water leaks in the basement)
- Toxic conditions, such as mold or asbestos
- Faulty stairs
- Electrical issues
- Pest issues, such as termites or rodents
- Mechanical issues, such as HVAC system problems
The biggest caveat here is that sellers are only required to disclose the issues they are aware of at the time of the sale. You are not obligated to have a home inspection to turn up issues to disclose, though the buyer will likely hire their own home inspector to seek out issues.
Sellers and their agent are required to provide a formal list of disclosures to the buyer at least 10 days prior to the buyer taking ownership of the property. Sellers must fully complete the Seller’s Real Property Form, which details the condition of the property, any known defects, and any other information which could affect the property’s value. The seller’s agent cannot complete this form on behalf of the seller, but may offer guidance on the process.
Nevada law states that if the seller discovers issues after they have submitted the disclosures to the buyer, they are obligated to share those findings with the buyer in writing before the buyer takes possession of the property.
In addition, the seller cannot waive any of the requirements of the disclosure as a condition of the sale (or for any other purpose). Doing so could result in severe legal consequences.
For more information on Nevada real estate seller disclosures, check this document from the Nevada Real Estate Division.
How to Decide What to Disclose
Compared to some states, like California, Nevada’s required disclosures are limited to material defects. Things like a death in the home or noisy neighbors are not required on the form.
Still, you may find additional issues that make you debate whether they’re worth mentioning to your buyer.
For example, if your home is in a flood zone, this would be important information to the buyer, but it could also kill the deal. Or, your home may have been the target of break-ins in the past year. Again, the buyer would want to know, but it could result in a loss of the sale.
A few other interesting things that sellers are not required to disclose:
- Whether the home was occupied by someone with HIV, AIDS, or other diseases that are not communicated through living at the property
- Whether the home is located in the proximity of a sex offender
- Whether the home has been the site of methamphetamine production, provided a certified entity has removed the substance from the property
- Whether the home was the site of a felony
Sellers may offer this information to the buyer, but you should understand the potential consequences of doing so. When in doubt, consult with your real estate agent on what you should disclose in good conscience.
Get Expert Advice from Your Real Estate Agent
Knowing what you should disclose vs what you must disclose can be tricky. You may be inclined to err on the side of caution to follow the law, but at the same time, you don’t want to disclose anything unnecessary that could make your buyer back out of the deal.
Your local real estate agent can be an invaluable resource in the disclosure process. They can ensure you’ve disclosed what’s required of you, as well as guide you on how to handle additional disclosures.
Clever Partner Agents are top-rated, full-service real estate agents that provide disclosure guidance as part of their service to you. The difference is our agents work for a discounted commission so that sellers can keep more of their profits in their own pockets.
Connect with a Clever Partner Agent in Nevada today to simplify selling your home for less!