Answer:
A seller’s disclosure form is used to notify buyers about any issues that may adversely affect the value of the property in question.
Not only is it required by state law, but failing to inform buyers of problems can lead to lawsuits after the sale.
If a home seller knows that there are problems like a crumbling foundation, rotten roofing, water damage, or termites, they are required by law to tell the buyer about them before the sale.
When it comes to your seller’s disclosure, the best policy is to be honest and upfront. Don’t ever try to cover things up.”
In most instances, a home inspection is going to reveal these types of issues anyway.
Additionally, if you are selling your home you need to understand that the seller’s disclosure form does not provide any sort of home warranty nor does it replace a home inspection or an appraisal.
The seller’s disclosure form also covers other areas of concern such as:
- Is the property located on a flood plain?
- Is there aluminum wiring?
- Is it near toxic wastes?
- Is there improper drainage?
- Are their encroachments? (Click here for a detailed explanation of what constitutes an encroachment.)
- Is asbestos present on the property?
- Have there been previous foundation or roofing repairs?
- Have their been any insurance settlements paid for damages to the property?
Click here to for a printable copy our seller’s disclosure form.
