Seller Property Disclosure
You must also disclose property conditions as required by law in most states. These disclosures cover a wide range of structural, mechanical, and other conditions that a prospective buyer should know about in order to make an informed decision. Frequently, the laws require for you to complete a standardized form. Your agent should caution you to make truthful disclosures to avoid litigation arising from fraudulent or careless misrepresentations.
Seller Property Disclosure contains set of documents must be completed by you, listing any material/ latent issues with the property and any repairs or remodels completed while the property was under your name.
In most cases, prospective buyers can ask their agent for access to the Seller Disclosure for the home before making an offer. However, when buying bank-owned homes, buyers won’t receive these documents since the bank isn’t required to provide details about the condition of the home. Every transaction is different, and the Purchase and Sale Agreement dictates the specifics.
