The seller property disclosure statement protects both sellers and buyers from problems down the road.
Today we’ll be discussing what the seller property disclosure statement is, as well as what’s included in one.
The seller property disclosure statement is an eight-page document given to sellers when they list a home. It asks a variety of questions about the property’s issues, such as environmental problems, noise (trains, airports, etc.), pests, and more. These are all things a buyer would want to know about before deciding to make a purchase.
The statement also asks about the condition of the property, with questions regarding roofing, leaks, HVAC units, warranties, recent repairs, damage, and more. Some of these sections will ask for a list of dates describing when things were last repaired or replaced.
Altogether, the seller property disclosure statement helps buyers have a full understanding of a property. If a seller fails to disclose something in the statement and they were later sued for the undisclosed issue, this document would come out and would prove them to be liable for the problem.
To prevent this from happening when you sell, take your time when you fill out the property disclosure statement. It’s primarily filled out by you—though your agent can help you with better defining some of the questions asked, they aren’t allowed to tell you what to write down.
If you’re a buyer or buyer’s agent, it’s important to read the statement. A lot of times, agents will include the property disclosure statement and other pertinent information in the MLS to begin with.
Whether you’re buying or selling, the seller property disclosure statement is a very important document that needs to be inspected or filled out thoroughly.
If you’re looking for guidance with your real estate needs, have any questions, or need more information, reach out to me. I look forward to helping you.