Home Seller Warning: The Sellers Property Disclosure Can Kill Your Deal
As I write this article about the home sellers property disclosure, I want to start with an apology for the continual omission of the apostrophe that you will observe when I write "seller's" and "sellers.' "
The funny thing about all of the different browsers on the internet is that many of them cannot handle that apostrophe ... so again my apology to our English language purists.
OK, so back to the topic at hand, which is why homeowners need to be smart about how they compose and provide the required home seller's property disclosure statement to all potential buyers.
Home Sellers Property Disclosure - What It Is
Every home seller is required by law to disclose to a buyer all known facts that materially and/or adversely affect the value of the property being sold. The Sellers Property Disclosure Statement is intended to assist the homeowner in complying with this requirement.
Home buyers use the Sellers Property Disclosure Statement in order to determine the property's known past. In the simplest sense, its a provenance, or a passing of the torch from the current owner to the next.
When this form is used correctly, it is anti-climatic. and everything goes along just fine. It is when the seller omits or forgets something that should be on the Sellers Property Disclosure Statement that causes so many of the problems during the home selling process.
Home Sellers Property Disclosure - Keeping It Current
When a homeowner decides to put a home on the market for sale, he or she completes a Home Sellers Property Disclosure Statement and makes it available to all prospective buyers.
The statement is dated, and then (very important), it is modified whenever any changes, and the new current date is included on the disclosure. Each time a contract is executed, the buyer should be given a currently dated version of the Home Sellers Property Disclosure.
Home Sellers Property Disclosure - What You Should Know
It has been my experience that many homeowners are hesitant to "un sell" their home, and they consider hiding some of the things that have been repaired or remedied over the years. This is a huge mistake.
Follow this rule and you will have the best results: When in doubt, disclose!
Buyers make an emotional decision to buy a home when they view it, and nothing on the sellers property disclosure is going to unhinge that emotion.... when they are ready to make an offer.
But once something has gone to contract, buyers are nervous and new discoveries scare them. When their property inspector finds issues that should have been known and disclosed, it often spooks the buyer enough to kill the contract. Issues identified ahead of time are considered at the time of contract, thus they do not result in a lost buyer.
So when it doubt, put it on the sellers property disclosure, you'll be happy you did.