What You Need to Disclose in Virginia, Maryland, and Washington D.C.

08/06/18 • -1 min

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Today I want to talk about property disclosure as the seller.

Many people have asked me what they need to disclose about their property when selling. To answer this, I should start by saying that what you have to disclose depends on where you live. Each state actually has different rules about disclosures.

Virginia, for example, is a “buyer-beware” state. If you read Virginia's one-page disclosure, it pretty much says that the seller doesn't know anything about the house and the buyer will need to do their own inspection. In other words, you don't have to disclose much of anything.

However, keep in mind that if you are concealing some kind of trouble, such as a leaky roof or a crack in the foundation, that actually becomes a disclosable item and you are violating the law. You may even get in trouble after the settlement for doing it. I recommend always disclosing a problem if you're aware of it. Just because you disclose it does not mean that you have to fix it.

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There is a federal law that requires homeowners of homes built prior to 1978 to disclose whether there is any lead-based paint in the house.

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In Maryland and D.C., meanwhile, the laws are different. There is a much longer disclosure form. However, sellers can also do a one-page disclosure where they can say that they don’t know anything about the house and that the buyer will need to do a home inspection to figure it out.

Regardless of which state you live in, there is a federal law that requires homeowners of homes built prior to 1978 to disclose whether there is any lead-based paint in the house. You must also disclose if there are any inspections. Everybody needs to fill out this form if your home was built before 1978.

If you are concealing something, you may get in trouble after the settlement. For this reason, I say that it is better to disclose and to be safe than sorry.

If you have any additional questions, please feel free to reach out to me by phone or email. I look forward to speaking with you soon.

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Buying a home? Search all homes for sale

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There is a federal law that requires homeowners of homes built prior to 1978 to disclose whether there is any lead-based paint in the house.

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Previous Episode

10 Expensive Day-to-Day Mistakes You May Be Making as a Homeowner

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Here are the top 10 most expensive mistakes you might be making on your home:

1. Using traditional light bulbs. Did you know that if you change from traditional light bulbs to LED light bulbs, you can save as much as $150 over the life of each light bulb?

2. Ignoring a leaky faucet. If you know you have a leaky faucet and think it is no big deal, consider this: One wasted drop per second equates to 3,000 wasted gallons per year.

3. Using the wrong-sized air filter in your HVAC unit (or not replacing it regularly). You should change your air filter every 30 or 90 days, depending on which air filter you use.

4. Not using a customizable thermostat. There is no need to heat or cool your home if you’re not there. Nest or Honeywell thermostats have programmable functions that you can control with your smartphone to help you save energy.

5. Not adjusting the vents in your house. If you have a forced-air central heating system, as many homeowners do, you may be overheating or overcooling certain rooms if you are not adjusting the vents in them.

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There is no need to heat or cool your home if you are not there.

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6. Overwatering the lawn. Inspect your sprinkler system to make sure you don’t have a broken sprinkler head. This can lead to overwatering your lawn.

7. Setting your water heater temperature too high. Unless you have a tankless water heater, you’re heating your water 24 hours of the day. Again, you do not want to burn unnecessary energy or keep your water at too high of a temperature during the summertime, so adjust your water heater temperature accordingly.

8. Having leaky windows or doors. If you can see the sun in the gap between any one of your window frames or door frames, you need to cover that gap.

9. Paying a handyman. You do not have to pay someone $200 to change a few light bulbs. Just do it yourself and save even more money.

10. Ignoring your roof’s shingles. If they are curled or some of them are missing, this is one of the exceptions to mistake No. 9. Missing shingles can cause your roof to leak, which then means you have bigger problems to worry about.

As always, if you have any questions about this topic or you are thinking of buying or selling a home soon, please feel free to reach out to me. I would be happy to help you.

Next Episode

What the Upcoming Recession Means for Real Estate

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Buying a home? Search all homes for sale

Many of my investors ask me when the next recession is going to happen. The truth is that I don’t know. All I can do is look for answers. Many smart economists predict that the recession might start in 2020.

Our economy has been expanding since 2009 and we have seen almost a decade of growth. All signs point toward a recession soon. However, to my friends that invest in real estate, there’s no need to panic. With the exception of the 2008 recession, real estate has done really well in the past five economic recessions. A recession doesn’t equate to trouble in the real estate market.

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I wouldn’t be concerned about falling home prices in an upcoming recession.

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This recession will occur when the GDP begins to shrink for multiple quarters in a row. It’s more complex than that, but that’s what it is on a basic level. We don’t have any data to indicate that the real estate market will cause another recession, which is the only way a recession would really affect real estate.

So, I’m not concerned about dropping house prices during the upcoming recession. You shouldn’t be either. If you have any questions about the recession or about anything else related to real estate, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.