02/08/2024
What is a Seller’s Disclosure Notice in a real estate transaction? 🤔
In its simplest form, it’s a disclosure of a sellers knowledge of the condition of a property as of the date they signed the form. It essentially gives the prospective buyers a little “history lesson” of the property, again, to the best of the sellers knowledge & recollection 🤝
Below is an example of a recent one from a transaction I’ve been involved in. Did you catch it? The seller marked a “Y” for ‘yes’ regarding previous water pe*******on into a structure on the property due to a natural flood event. Further down you’re supposed to provide more explanation however that part was not completed. Maybe the seller forgot & maybe the listing agent missed it too 🤷🏻♂️
I asked the listing agent more about this & it turns out practically the whole house had been previously flooded & had to have some major work done to remedy! She then provided all the necessary info about the extraction, removal & remediation 💦
When you’re doing deals make sure you’re working with someone who is looking at this stuff on your behalf. Ultimately it’s the buyers & their agent’s responsibility to catch these as sometimes it’s easy to just glance over stuff in the midst of signing a bunch of paperwork. 📝