Tuesday, April 18, 2023 / by Blair Hayes
The Seller’s Disclosure Notice is something that is important to both buyers and sellers. When the owner of a home decides to list their property for sale, this is one form they will need to fill out.
This form contains many sections in which the seller is legally obligated to truthfully disclose all known conditions, alterations or malfunctions of their property. In this form, the seller will note the presence of certain items on the property and disclose any damage or malfunction of those items they are aware of. The seller must also disclose certain property conditions they are aware of, such as previous roof repairs or known termite infestation. They are also obligated to report previous flooding of the property, any structural changes or room additions they have made, any dues paid to a homeowners association amongst other pieces of information the buyer should know.
It is absolutely imperative that this form be filled out truthfully by the seller. A buyer has the right to know any conditions about the property that could possibly affect their decision regarding the purchase of it. In the event a seller dishonestly fills out the form, they could be subject to litigation pursued by the buyer. A seller would be exempt from providing this notice in the event that the original owner is deceased and the property is an estate.
Written by Blair Hayes, REALTOR®