Seller Disclosure Essay

Did you know... the sellers disclosure is a document that allows the seller to provide information regarding the property condition? This form provides information on home owner associations, utilities, mechanical (a/c, appliances, water heater, etc;, previous wood destroying insects, and most important; structural knowledge. If a property has ever been in a fire, had previous treatment/repair for wood destroying insects, or if a death occurred because of the property condition, the seller should disclose this information on this form. Both sellers and buyers must sign this form and acknowledge receipt of it. Of course, there are some sellers that are not required to submit this form, with the typical caveat being if the seller has never resided in the home
If one is not sure whether the property has a specific item, such as a French drain, one should take care in answering this correctly. The options on the Seller Disclosure include, "Yes, No, Unknown." There are also spaces available to write information that needs more detail. Remember, if you state that the property has a full sprinkler system (front and back yard), and the property only has a sprinkler system in the front yard, you may find yourself installing a sprinkler system to comply what you have disclosed. One is always better of disclosing a material fact. If a seller knows the property's foundation has been leveled, the property has had fire damage, termite repairs, previous flooding, mold issues... DISCLOSE, DISCLOSE, DISCLOSE. One does not want to be found in litigation over failure to disclose a material fact. A material fact in real estate is one that would cause an individual to change their mind regarding the purchase of the property. How would you feel if you purchased a property which you decided to renovate, only to discover that there was mold, a fire or termite damaged frame, or a shifting foundation? Yes, these are material