must provide a copy of the completed mandatory disclosure form to a prospective purchaser or lessee who intends to make an offer for the purchase or lease of a property.
The completed mandatory disclosure form signed by all relevant parties must be attached to any agreement for the sale or lease of property and forms an integral part of that agreement, but if such a disclosure form was not completed, signed or attached, the agreement must be interpreted as if no defects or deficiencies of the property were disclosed to the purchaser.
A property practitioner who fails to comply with subsection (1) may be held liable by any affected consumer.
Nothing in this section prevents the Authority from taking action against a property practitioner or imposing an appropriate sanction.
Nothing in this section prevents a consumer, for his or her own account, from undertaking a private property inspection to confirm the state of the property before finalising the transaction.
This is the protection this Bill offers to buyers (consumers) who buy properties from sellers.
Getting a buyer for your home in tough economic times can be challenging. Consider what prospective buyer’s impressions will be of unrepaired defects! They will wonder what the cost of repairs will be. First impressions do matter! Although you may get many visitors, potential buyers may not make an offer to purchase.
Even in an economic downturn, there are ways to speed up the sale of your home. And get the right price!
1) Get the pricing right
Getting your list price right is critical! An estate agent will help you assess the value of your property in relation to other properties in the area. If you choose to sell your property privately, get a professional valuer to assist you. If priced too high, you won’t get the offers you need and your property becomes stale on the market. Potential buyers and agents may assume that there is a serious problem.
2) First impressions matter
Prospective buyer experience is important! Take a good look around your home – is it clean, neat and tidy? Is the garden well-tended and inviting? Does it look cared for? Does it smell fresh and pleasant? What will the cost of repairs be?
Attention to detail and cleanliness draws people in and holds their interest longer. Furthermore, they will be more prepared to spend the time examining your home and visualising themselves in it.
4) Half empty cupboards
Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your cupboards then neatly organize what’s left. Buyers will snoop, so be sure to keep all your cupboards and cabinets clean and tidy.
4) Light it up
Maximize the light in your home! After location, good light is the one thing that buyers want in a home. Takedown the curtains, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside, to let in the sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable.
5) Tend to the repairs
Tending to repairs and maintenance can make a world of difference. Fix that leaking tap, replace the cracked windows, paint the weathered doors and fix the faulty light fittings. Don’t ignore necessary repairs that could be a red flag to a potential buyer. Buyers will instantly look at ways of negotiating your price down because of the perceived cost of the repairs.
6) Ready to show
Your house needs to be “show-ready” at all times! You never know when your buyer is going to walk through the door. You have to be available whenever they want to view the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out. The bathrooms must sparkle and make sure there are no dust bunnies in the corners. It is inconvenient, but it will get your house sold.
7) Conceal the pets
You might think a cuddly dog would warm the hearts of potential buyers. Not everybody is a dog or cat lover. Buyers don’t want to walk into your home and see a bowl full of dog food, smell the kitty litter or have tufts of pet hair stuck to their clothes. It will give buyers the impression that your house is not clean. If you’re planning an open house, send the pets to a pet hotel for the day.
8) The promise of peace of mindfor buyers
Many a seller has felt the pressure of the defects disclosure list and hoped that they have remembered everything. In some cases, you may never really fully investigate it but know there is a problem. Protect yourself and the buyer against the implications of serious defects by having a sellers home inspection beforehand. It provides you with a professional property inspection that will be your disclosure. It protects you against the financial and legal ramifications of any defects that may emerge in the property.
A home inspection can mean a faster sale because any issues of mistrust between buyer and seller are removed. It can also mean getting a higher price for your property as you are less likely to be negotiated down. Buyers place significant value on peace of mind. Your report will highlight any minor repairs that need attention. You can choose to do the repairs beforehand and ensure maximum sale price for your property. If you don’t, you won’t need to bring your price down more than the cost of the repairs. Most importantly, a house sold with a home inspection report differentiates yours from the rest. Buyers are more likely to consider your home first.
4) De-clutter your home
De-clutter your home as much as possible and pack away all the personal items, e.g. photographs, memorabilia, pet beds, stuffed animals, skins etc. Ideally, you want to create a clean, blank canvas that potential buyers can visualise their own lives and likes it.
10) Great photographsimpress potential buyers
Have professional photographs taken once you have cleaned up, de-cluttered and done all the required repairs. People shop online for homes these days, so your property listing can be very appealing with professional photographs. Get a photographer to do the job in the best possible light conditions that add atmosphere, appeal and charm to your home.