Seller Disclosure
Seller disclosure requires the seller to reveal any known defects in his or her property that could adversely affect the property's value. In most cases, the disclosure also details whether or not appliances will be included in the sale and whether or not they are working properly. Though sometimes this may be an uncomfortable process for sellers, the disclosure policy is really a benefit to all parties. Buyers know at the outset about the condition of the property, and sellers are protected from their former home coming back to haunt them.
Oddly, it wasn't until the last few years that seller disclosure was adopted as law by most states. Until recently, state laws were silent and sellers were silent, too. Now, although compliance and detail vary from state to state, a seller disclosure form lets the buyer decide if the home is worth its asking price, given any known defects. It's always wise to include a blank form with your sales contract and ask that it be completed prior to your inspection of the property.
As a real estate professional, I pride myself on staying up-to-date on the requirements for real estate sales in our area. If you're thinking of buying or selling, I would like to be of assistance to you.
Compliments of
Brett Magleby, Realtor
www.MagHomes.com
RE/MAX Homestead Realty, Inc. | 1301 East 17th. Street, Suite #1 | Idaho Falls, Idaho 83404
Off: 208-529-5600 | Fax: 208-529-3283 | 1-800-729-5601 | E-mail: bm-remax@ida.net
This article is not intended to provide specific advice, but rather to provide insight into matters that we feel are useful. As always, seek professional advice prior to taking any action.
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