"DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE
BASIS OF SELLER'S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME THIS
DISCLOSURE FORM IS COMPLETED BY THE SELLER."
It's vital for you to understand that this language may be different in
your state, and different types of laws may apply.
If yes, were all building permits obtained?
Depending on the State, the list can be upwards of 10 pages long. (welcome to California)
While the list is long, it isn't a guarantee of the properties
condition it's simply a disclosure of what the buyer knows about the
property.
While some sellers balk at filling out the form, it can provide a benefit. How you ask?
1) When your selling agent has all of the relevant facts, they can
price your property properly, according to its actual condition, which
will produce a quicker sale. (Time is money in real estate)
2) Buyers appreciate a candid statement of the property.
3) Properties with a written disclosure tend to be more attractive to
Buyers than those without.
4) Buyers have confidence and piece of mind when they know defects have
been disclosed to them.
5) Written disclosures help to reduce the misunderstandings that may
often lead to delayed closing, last minute negotiation, and litigation.
6) If a seller "discovers" an important problem about the property
after the purchase closes, and the problem was disclosed in writing, it's
difficult for the buyer to sue the seller based on lack of knowledge.
If the Real Estate Disclosure Form is what your looking for,
click here and order now!
If background and information and help is what you need, please read on.
A disclosure form or statement isn't an inspection report on the
condition of the property, nope not at all. If you need a report on the
actual condition of the components that make up a house, you need an
inspection and report by a Building Inspector (private or government). A
building inspector is supposed to crawl all around the house, looking in
every nook and cranny and making sure everything is working properly, and
if it isn't, they are supposed to let you know about it. A buyer doesn't
provide an inspection report, or pay for it. The buyer provides a more
general disclosure about the property and what might impact the value,
without looking behind every switch plate or crawling under the house.
Additionally, and in almost every case I know of, the disclosure
applies ONLY TO SOME, BUT NOT ALL, TYPES OF RESIDENTIAL REAL ESTATE.
There are numerous exceptions to the laws and it your
RESPONSIBILITY TO KNOW THE LAW IN YOUR STATE. Almost every State exempts:
commercial and industrial real estate, time-share and numerous other property types.
If the Real Estate Disclosure Form is what your looking
for,
click here and order now!
If additional legal information about disclosure forms is needed, please
click here or click on the link to the right, which will
take you to your state laws on real estate disclosure.
The Fine Print:
Real Estate Laws vary from State to
State, therefore no single form can cover all needs or jurisdictions. We
are not attorneys and are not providing legal advice. We recommend
consulting with an attorney or real estate agent, in your area, prior to
using any forms.
