SELLERS DISCLOSURE NOTICE WHAT IS THIS?
This document is required when transferring residential real property with only one dwelling unit with some exceptions like foreclosure
Basically, the Sellers Disclosure Notice is a checklist where the Seller is required to answer a questionary regarding the status of the property, as well any home insurance claims and shape of AC, Water Heater, Furnace, and on.
The Seller is not just required to answer this questionary but to do it with honesty and in the most accurate possible way.
When a possible buyer shows interest in a property one of my first to-do lists is to check the Sellers Disclosure Notice, to find more information about the property and inform my client if is a good option based on the number of repairs that would need to be done as well the age of the main Appailances which means cost on replacements.
Other important aspects of the Notice are:
-Disclosing a death on the property (unless is for natural causes)
-Disclosing items that stay on the property or not, like tv mounts, refrigerator, or that special chandelier.
-HOA governance.
-Property line disputes.
The Notice is a mandatory part of the Sales Contract so not presenting it could lead to a cancelation of the Contract by the possible buyer.
So make sure that you keep this in mind the next time you are either selling a property or buying one.
