Have you ever heard of this document? Well, if you haven’t but are in the process of buying a house, you better find out soon! Luckily for you, we are going to give you all the information you need to know about a seller’s disclosure below so that you can understand exactly what this piece of paperwork can do for you and how it can improve your entire house buying process.
If you are debating buying a house or are already in the process of getting a new one, you already understand how stressful and frustrating this process can sometimes be.
One of the main reasons that buying a new home can be extra stressful is because you are often dealing with very limited information on the pieces of property that you are researching and debating on buying. This is where a seller’s disclosure can come into play and help you choose the right house to buy.
What is a seller’s disclosure?
A seller’s disclosure is a form where the selling party discloses any known problems or defects with the house and the land that it sits on. This purpose of the seller’s disclosure form is to give the buying party as much advance notice as possible about problems or damage that may eventually need to be fixed.
This is done so that the buyers can have much information as possible so that they can determine all of the total costs that they will need to be responsible for to get the house that they want. In essence, a seller’s disclosure is an additional piece of protection for the buying party.
However, this doesn’t mean that you should only rely on the seller’s disclosure as your only source of information on the house you are looking to buy!
It doesn’t matter how good your relationship with the selling party is or how trustworthy they may seem, you still need to do your own form of research to find out the repairs that are needed on your desired property with the use of a home inspection by a qualified and licensed professional.
The properly licensed professional is completely qualified to find any and all repairs that need to be done to the property to bring it to a pristine condition.
Sometimes even a trustworthy seller simply will be unable to find all of the existing problems and therefore, wouldn’t have the same damage and issues disclosed in the seller’s disclosure that were found in the home inspection even if they are trying to be completely honest and transparent about their property.
While there are a variety of circumstantial sales where a seller’s disclosure will not be available (such as in the case of bankruptcy sales, estate sales, foreclosures, gifts or transfers of ownership), most property sales will require this form be given to the buyer. In a typical seller’s disclosure you should expect to see information on:
- Any title, ownership and/or property rights issues
- Any plumbing, electrical and/or structural issues
- Any information about water sources and rights
- Any health hazards such as asbestos, radon, lead paint and/or toxic molds
- Any information regarding any property issues such as contamination or soil conditions
- Any information on water damage or flooding dangers
- Any other relevant information or damages
Hopefully, this article helps clarify what a seller’s disclosure is and what you should be expecting the next time you buy a house. If you are thinking about buying a new home or are dealing with any issues surrounding a seller’s disclosure, please feel free to contact us at Housso as soon as possible. We would love to help you get into a new house as easily and pain-free as possible!