Show Me The Facts!
Seller Property Disclosure – Show Me The Facts
The Insiders discuss the Seller’s Disclosure report, including tips on how to complete it as a Seller, as well as hints on the value of the answers in the report, what Buyers should summarize from reading it, and finally, possible strategies for responding to it. Carfax for the House!
The Insiders discuss the Seller’s Disclosure report, including tips on how to complete it as a Seller. For Buyers, they offer hints on evaluating the answers in the report, what Buyers should summize from reading it, and finally possible strategies for responding to it.
Carfax for the house!
- If you are the Seller, answer every question as accurately as possible. If you do not know the answer or are unclear, it is okay to check Unknown.
- As a Seller, you are obligated to disclose anything you do know about the property. Sellers are required to disclose defects in the property, whether or not, specific questions are asked.
- It is better to disclose and have the buyer ask about it, than to not disclose, and have something hidden. E.g. If for instance, your roof had leaked in the past, it’s okay to say “The roof leaked and it has been fixed.”
- From a Buyers standpoint, read through the report and evaluate the Sellers answers on each question. If you come across a question that you are not comfortable with the Sellers response, make sure you do some research and/or have your inspector investigate to your satisfaction.
- Review the timelines that are associated with the report itself. If you are the Seller, make sure it is delivered to the buyer, and if you are the buyer, make sure that you have received the document.