Today I’m talking about the importance of sellers completing a residential property condition disclosure form.
When listing your home, you will be asked to complete a sellers property disclosure form. In this form, you are supposed to indicate any present problems you are aware of even if you intend to fix it at some point. This disclosure form is then given to potential buyers when considering your home.
This is really important for sellers to properly disclose anything they know about the home that is currently a problem. I have an example where a seller completed their form and didn’t indicate any issues with their sewage system. The home sold. New owners move in and then start having some sewage problems. They called a plumber and just so happened the plumber stated to the new owners that he already told the previous owner what needed to be done to remedy this problem. The seller didn’t disclose they had a problem, and now the seller is likely liable to the new owners for not disclosing the issue even though the home has already been sold.
Disclose! Disclose! Disclose! Now if you have a problem and you do fix it, then you either update your seller disclosure form or complete a new one indicating no problems. Again, it is disclosing any KNOWN CURRENT problems.
If you had a leaky faucet 7 years ago and had it fixed and there have been no issues since that time, you do not need to disclose that. As a seller, it is the best way to protect yourself.
If you have questions about how to properly complete a seller property disclosure form, feel free to reach out. If you, or someone you know, is thinking of buying or selling, give me a call. My team and I are on stand by 7 days a week ready to help you take the smoother road to sold.