Real Estate Disclosure Forms

June 8, 2009

Property Seller Disclosure Form

Property sellers are required by law to fill out a real estate disclosure form that discloses material facts about the house they are selling. Material facts are details about the physical condition or legal status of the property. This form will assist the seller in complying with disclosure requirements and will also assist the buyer in evaluating the property being considered.
Information disclosed in this form regarding the condition of the property will be based on the knowledge of the seller. The buyer may also opt to make a physical or on-site inspection of the property. This form also does not relieve the seller from any obligations to address problems which are not included in the form. In addition to this, the buyer is encouraged to raise concerns regarding conditions which may not be included in the real estate disclosure form.
A real estate disclosure form must contain material facts such as the following:

•Age of shingles and other roof components
•Leaks in the roof or foundation walls
•Additional remodeling of the property
•Existing mold or mildew within the home
•Damage from wood destroying insects
•Problems with sewer or septic systems
•The amount of property taxes paid per year
•The square footage of the home
•Encroachments; or if someone has built on another’s property line
•Lawsuits or claims that affect the ownership such as an ex-spouse who has not relinquished ownership rights
It is important that sellers disclose all known problems of the property. Buyers are likewise persuaded to ask as many questions as they can before making an offer, and in the event that this form is not present during the transaction, the buyer must take note of the answers to his questions as proof that a disclosure has indeed been made by the seller.

Unless the buyer waives the right to review this form, the seller is compelled to deliver a completely filled-out disclosure property form. If the buyer chooses to terminate the transaction he must do so by giving notice to the seller in order for the disclosure to be deemed acceptable by the buyer.

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