Caveat emptor is ancient Roman for Let the Buyer beware! Regardless of what newspaper articles are saying, this term still applies when purchasing your home, but now there is at least some level of information that the seller must provide the buyer.
Currently we offer three forms at this site
#1 Washington State's (minimum),
#2 an Expanded Version and #3 Colorado's version. The minimal form meets the laws in Washington or Colorado while the Expanded Version asks about everything you can think of..... including the kitchen sink. The choice is yours.
"DISCLOSURES CONTAINED IN THIS FORM ARE PROVIDED BY THE SELLER ON THE BASIS OF SELLER'S ACTUAL KNOWLEDGE OF THE PROPERTY AT THE TIME THIS DISCLOSURE FORM IS COMPLETED BY THE SELLER."
It's vital for you to understand that this language may be different in your state, and different types of laws may apply.
If yes, were all building permits obtained?
Depending on the State the list can be upwards of 10 pages long.
While the list is long, it isn't a guarantee of the properties condition it's simply a disclosure of what the buyer knows about the property.
While some sellers balk at filling out the form, it can provide a benefit. How you ask?
1) When your selling agent has all of the relevant facts, they can price your property properly, according to its actual condition, which will produce a quicker sale. (Time is money in real estate)
2) Buyers appreciate a candid statement of the property.
3) Properties with a written disclosure tend to be more attractive to Buyers than those without.
4) Buyers have confidence and piece of mind when they know defects have been disclosed to them.
5) Written disclosures help to reduce the misunderstandings that may often lead to delayed closing, negotiation and even litigation.
6) If a seller "discovers" an important problem about the property after the purchase closes and the problem was disclosed in writing, it's difficult for the buyer to sue the seller based on lack of knowledge.
If the Real Estate Disclosure Form is what your looking for,
click here and order now!
If background and information and help is what you need, please read on.
A disclosure form or statement isn't an inspection report on the condition of the property, nope not at all. If you need a report on the actual condition of the components that make up a house, you need an inspection and report by a Building Inspector (private or government). A building inspector is supposed to crawl all around the house, looking in every nook and cranny and making sure everything is working properly, and if it isn't, they are supposed to let you know about it. A buyer doesn't provide an inspection report, or pay for it. The buyer provides a more general disclosure about the property and what might impact the value, without looking behind every switch plate or crawling under the house.
Additionally, and in almost every case I know of, the disclosure applies ONLY TO SOME TYPES OF RESIDENTIAL PROPERTIES, NOT ALL TYPES OF REAL ESTATE. There are numerous exceptions to the laws and it your RESPONSIBILITY TO KNOW THE LAW IN YOUR STATE. Almost every State exempts: commercial real estate, industrial real estate, time-share properties and numerous other property types.
The Fine Print:
Real Estate Laws vary from State to State,
therefore no single form can cover all needs or jurisdictions.
We are not attorneys and are not providing legal advice. We recommend consulting with an attorney or real estate agent, in your area, prior to using any forms.
