What to tell buyers, and what you can offer

Seller disclosures are material defects and other facts that may reduce a home's value, listed on a seller disclosure form or property disclosure statement. What you must disclose depends on state and local law, but the National Association of REALTORS says sellers are typically required to list completed repairs, natural hazards, property defects, missing essentials, land-use limitations, HOA guidance, deaths on the property and other conditions that might reduce value¹.

When. In most states disclosures are required before the buyer signs a binding contract; some sellers disclose as early as home tours¹.

If unsure, disclose. NAR recommends disclosing a possible defect even when you are unsure it is required, and notes that a pre-listing inspection can surface issues early. Knowingly withholding a required disclosure can have legal consequences, including the buyer cancelling the sale¹. For your state's rules, ask your agent or a real estate attorney.

A concession is the seller paying some of the buyer's costs. NAR lists examples such as a title search, loan origination, inspection, HOA costs, real estate taxes, repairs and updates, and fees for professionals like agents and appraisers².

Concessions are usually written into the purchase agreement as a dollar amount and are not binding until they are in a contract. The total you can offer depends on the buyer's lender and state law².