Buying a new home often means understanding over a dozen real estate jargons and a ton of paperwork. The article below focuses to describe seller's disclosure form.
What is a seller's disclosure form?
A seller’s disclosure form is an opportunity for the buyer to learn about know damages to the property while also providing insight to the seller’s experience in it. This form includes the seller’s knowledge of the condition of the property as of the date signed by the seller. The form is not a warranty of any kind by the seller and is not a substitute for any inspections or warranties the buyer may wish to obtain. The form will indicate what items the property has but not does not mean they convey such as appliances. Disclosure forms reveal things such as any physical defects to the house along with hazards such as lead paint. It is the buyer’s responsibility to find out any past damage inflicted to the house.This document is useful for buyer, to protect the seller against legal action.
Seller’s disclosure forms can reveal things such as:
- Leaky windows
- Damages to walls
- Any construction that is nearby
- Natural hazards around the home
- Borderlines for property
- Any deaths on the property
How do I get a seller’s disclosure form?
Depending on the state in which you live, disclosure forms may differentiate at every level, even to county level. Seller’s can be liable for what they reveal on the seller’s disclosure form for up to 10 years after the sale. It is best for sellers to disclose every slight damage or repairs to the house so that the buyer cannot come after you with a potential lawsuit or hurt the selling of your home. Remember that seller’s disclosure forms are legal documents!
Is a disclosure the same thing as an inspection?
An inspection and a seller’s disclosure form are not the same thing. There may be damages or broken codes that a seller is not aware of that an inspection can reveal. This is why an inspection should always be done when selling a home. For any questions, feel free to speak with an agent. or leave us your comments.