As someone hoping to sell a piece of high-end Connecticut real estate, you want to maximize what you make on the transaction. There are many tactics that can help sellers get a higher price for their property.
Bringing in a real estate professional to stage the home is a smart move. They can help you make decisions about how to display the best features of your home and make it as attractive as possible to buyers. Removing personal items and minimizing furniture is a big part of staging, and sometimes, you will also try to cover noticeable defects with the property.
Staging often walks a fine line, as it may lead to buyers misunderstanding the condition of the property. Even if you make cosmetic improvements, you will still have to disclose all known issues with the property. While it may seem like a burden to disclose defects that will reduce how much you make on the sale of the property, failing to disclose those issues would be much worse as it might make you financially liable to the buyer later.
Sellers must provide the buyers with accurate information
You cannot just list a property and as is condition and avoid telling the buyer about the problems you know are there. Connecticut state law requires full disclosure of all known defects, from issues with the foundation that have led to cracked drywall to an old furnace that could fail at any time.
If you fail to disclose those significant defects in writing as you should, they could pop up during the inspection. If that happens, the sale may fall through and you will have to update your written disclosures to include these defects. If the property passes inspection and you successfully close on it, the buyer might eventually bring a lawsuit against you or an insurance claim against your real estate agent for those undisclosed defects.
Knowing the law is your best protection
Real estate agents can do a lot to help you maximize the return on your investment when selling real estate. They can give you an idea of the best time to list, the best way to market your property and the right price to ask given the current market.
However, they cannot provide you with legal advice, nor do they necessarily even understand the law. Having a lawyer advise you of your rights and your possible liabilities can help. An attorney who understands real estate law can also assist you in reviewing offers and finalizing contracts that adequately protect you and your interests. Understanding the rules that govern residential real estate sales will minimize the risk you take when selling your home.