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There are required disclosures for home sellers in the state of Nevada, and if you don’t disclose certain things, it might cost you three times as much as the original repair cost.
In Nevada, we have what are called “treble damages.” If the seller doesn’t disclose something they’re aware of or should’ve been aware of, the buyer can charge them for three times the actual cost of repair.
If you’re a seller in our market, what items should you disclose to buyers?
The first to keep in mind is the Southern Nevada Water Smart Home program. Many homeowners have taken advantage of this program’s rebate and received money to change their landscaping from grass to more of a desert landscape. If you’ve done the same thing with your property, you should know that’s an easement that stays with the property, so make sure you disclose that to the buyer so they don’t get fined if they change the landscape later.
The second disclosure to be aware of is solar panels. We’re seeing a lot of people purchase them and others lease them. If you’re leasing them, you’ll need to disclose that to the buyer and provide them information about the leasing contract they’ll have to assume after closing.
Other disclosures include water damage, mold, and construction defects. Even if you’ve repaired the damage done by mold and/or water damage, it’s still important to disclose that.
If you have any questions about disclosures or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to us. We’d be glad to help you.