What are Seller’s Property Disclosure Statements?
As part of the home buying and selling process, the seller has a legal duty to disclose defects to the home using a Property disclosure statement checklist. Property disclosure statements bring transparency to buyers of existing defects in the home, and protect sellers from liability for issues they let buyers know about before the sale is finalized.
A home may look great at first glance, however a host of issues could possibly be hidden. These statements will in most cases be available for buyer’s review before an offer for purchase is made. The disclosures will point out a property’s good and bad points. Perhaps the roof is new which is a very good point, or the foundation leaks in heavy rains. All imperative points to be aware of before the sale and ultimate purchase.
Example of topics include:
- Age and condition of roof and HVAC
- Defects in windows, doors, walls or flooring
- Faulty for leaky foundation
- Problems with appliances or home systems
- Existence of lead-based paint
- Renovations completed without a permit
- Pest or mold infestations
- Sewer or septic problems
- Boundary disputes
- Wood destroying infestation or damage
Property disclosure statements save everyone time, hassle, and expense by preventing deals from falling apart—and that benefits both buyers and sellers
A seller’s property statement does not take the place of a home inspection, although it can highlight issues that a buyer may want inspectors to take a look at a little more closely. Hidden problems can lurk in a home even if a seller is honest in their disclosure. In many cases homeowners opt to hire their own inspector prior to even listing for sale. In this case any issues uncovered can be remedied ahead of time and discloses as such.
Would you like to review a blank copy? Have questions about seller’s disclosures, inspections or real estate in general, reach out anytime 412-260-6725. I am happy to help shed some light so you are ahead of the curve.