Selling your house is just not about finding a buyer and signing a contract. A seller must follow certain legal obligations to ensure a fair transaction. These legal obligations include any factors that might help the prospective buyers to make an informed decision. As a seller, you must disclose both positive and negative information about the property to potential buyers.

Disclosing only the property’s positive aspects might be tempting, but keeping the negatives hidden can lead to certain consequences. Some examples are financial penalties, legal disputes, or the collapse of the sale. Therefore, understanding what needs to be disclosed is important for ensuring a smooth house sale.

This blog will focus on the critical disclosures that sellers must make before selling the house. From standard information to specific disclosures, we will cover everything you must disclose for a fair and hassle-free transaction. Let us begin!

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What Do Sellers Have to Disclose?

One of the main points while selling a house is honesty. As a seller, you must be honest and disclose both positive and negative details about the property. Disclosing all the information ensures transparency and allows buyers to make an informed decision. The information about the property is generally disclosed in the Property Information Form (TA6), which is a part of the conveyancing process.

What do you mean by Caveat Emptor?

The famous Latin phrase “Caveat Emptor” means ‘let the buyer beware.’ This principle of ‘caveat emptor,’ or ‘buyer beware,’ means the buyer must know everything about the property and purchase property at their own risk.

Effectively, this principle means the seller is not legally bound to disclose the information as it is the buyer’s responsibility. However, selling a house falls under the Consumer Protection Against Unfair Trading Regulations.

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What is a TA6 Form?

The most common thing a seller needs to do is fill out the Property Information Form (TA6). The TA6 allows sellers to give prospective buyers detailed information about the property. This form includes all positive and negative aspects of your property. Failing to disclose all the information in TA6 can lead to consequences under the Misrepresentation Act.

What must I legally disclose to a prospective buyer?

The TA6 form lets sellers provide information about the property under different categories. The categories under the Property Information Form include the following:

Fixtures and Fittings Form (TA10)

The TA10 Form outlines a list of all the fixtures and fittings included in the sale. This form allows sellers to avoid future misunderstandings about what stays and what the seller takes.

Title Deeds and Ownership Documentation

As a seller, you must provide all the relevant title deeds, such as ownership evidence, rights, etc. For instance, the documentation includes the Lease(if any), the Land Registry Title, and other paperwork about the property.

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Leasehold Information Form (TA7) (If Applicable)

The TA7 form is required for leasehold properties. With this form, the seller will disclose information regarding the following:

Energy Performance Certificate (EPC)

EPC is another legal and compulsory requirement that sellers provide to prospective buyers. This certificate informs prospective buyers about the property’s energy efficiency and any recommendations for improvement.

The Most Important Issues to Disclose

There are a few important issues sellers must reveal before selling their house to prospective buyers, failing to do so could result in legal disputes. These relevant include:

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Best Practices for Sellers

If you want to sell your house, following the best practices can help ensure a smooth transaction. To ensure a fair and transparent sale, sellers should:

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Conclusion: Get help with London Solicitors

Selling a house involves a list of important legal responsibilities, with disclosing information being a crucial aspect. The details provided by the seller to potential buyers can make a real difference in legal and financial disputes.

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By disclosing all the relevant information, the seller ensures a transparent and trustworthy conveyancing process. The information in TA6, TA10, TA7, EPC, and other relevant documents allows buyers to make an informed decision. Following a proactive approach allows the parties to have a smoother and fairer transaction. Finally, honest disclosures by sellers are the cornerstone of a fair house sale in the UK.

Whether you are planning to buy, sell or re-mortgage a house, London Solicitors can help you wherever you are based. Schedule a call today!

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