Real Estate Property Disclosure

Property Seller Disclosure Form

Property sellers are required by law to fill out a property disclosure form that discloses material facts about the house they are selling. Material facts are details about the physical condition or legal status of the property. This form will assist the seller in complying with disclosure requirements and will also assist the buyer in evaluating the property being considered.

Information disclosed in this form regarding the condition of the property will be based on the knowledge of the seller. The buyer may also opt to make a physical or on-site inspection of the property. This form also does not relieve the seller from any obligations to address problems which are not included in the form. In addition to this, the buyer is encouraged to raise concerns regarding conditions which may not be included in the property disclosure form.

A property disclosure form must contain material facts such as the following:

Age of shingles and other roof components
Leaks in the roof or foundation walls
Additional remodeling of the property
Existing mold or mildew within the home
Damage from wood destroying insects
Problems with sewer or septic systems
The amount of property taxes paid per year
The square footage of the home
Encroachments; or if someone has built on another’s property line
Lawsuits or claims that affect the ownership such as an ex-spouse who has not relinquished ownership rights

It is important that sellers disclose all known problems of the property. Buyers are likewise persuaded to ask as many questions as they can before making an offer, and in the event that this form is not present during the transaction, the buyer must take note of the answers to his questions as proof that a disclosure has indeed been made by the seller.

Unless the buyer waives the right to review this form, the seller is compelled to deliver a completely filled-out disclosure property form. If the buyer chooses to terminate the transaction he must do so by giving notice to the seller in order for the disclosure to be deemed acceptable by the buyer.