Seller Disclosure is the responsibility of the seller to reveal problems with the property to any potential buyers. It is also the seller’s duty to disclose problems to the buyer that the seller should have known about. A statement must be created and signed by the seller addressing each problem.

Seller Disclosure is only required in certain states, and New Jersey is not yet one of them. This policy is easily spreading across many states because seller disclosure reduces liability. This is because if a seller tells potential buyers about all problems in the home, the buyers cannot deny they were told the information later. When a seller discloses the problems upfront, the buyer cannot file a consumer fraud suit which can be very costly to the seller. It is very beneficial to the seller to reduce the liability of the house so they can sell quickly and efficiently while also selling the house for the best possible price.

In addition, this brings to attention the importance of a professional home inspection.  A professional home inspector can recognize problems and provide affordable solutions to the seller. The inspector produces a home inspection report with a list of all the issues found in the home. It is always less expensive to handle a problem when it is addressed rather than waiting or hiding the information. If a seller chooses to wait and the buyer finds out about a problem, they may ask for most accredited repairs. It becomes very expensive for the seller when the buyer asks for the top-of-the-line appliances and repairs.