The Real Estate Disclosure Statement – What is it?
The real estate disclosure statement gives the buyer an opportunity to learn as much as possible about the property and the seller’s experience with it. Seller disclosures can range from title issue and pending litigation to zoning or building code violations. Issues can include wood infestation, foundation problems or cracks in walls.
Not only does this disclosure statement benefit the buyer with in-depth information, but this is a chance for the seller to reveal issues that could form the basis of a future lawsuit. Sellers can be vulnerable to suits for 10 years… so it pays to be vigilant with the process.
Laws vary from region to region, city to city. In some states many pages of disclosures are required.
In addition to the following list, the seller must disclose anything that might affect the decision making process for the buyer. So err on the side of caution and take care with your disclosures.
Your seller’s disclosure statement can include, but is not limited to, the following items:
- Swimming pool barrier disclosure
- Lead-based paint disclosure in properties built prior to 1978
- Planned community/condominium information
- Affidavit of disclosure for properties located in un-subdivided, unincorporated areas
- Public airport disclosure
- Subdivision and public report disclosures
- Fissure disclosureMilitary airport disclosure
- Ownership and property use information
- Pending litigation
- Liens and judgments
- Title issues
- Legal and physical access to the property
- Insurance claims
- Zoning, building code, utility, health regulation, CCR, or other violations
- Roof leaks or issues (past and present)
- Foundation, wall, or ceiling cracks or issues
- Fireplace issues
- Damage by natural causes
- Wood infestation
- Heating and cooling issues
- Plumbing issues
- Pool, spa, water feature issues
- Electrical issues
- Scorpions
- Rabid animals
- Bee swarms
- Rodents
- Owls
- Reptiles
- Pest treatments (past and present)
- Construction to the property
- Work permits
- Appliance problems
- Soil settlement or expansion problems
- Airport noise
- Traffic noise
- Rail line noise
- Neighborhood noise
- Landfill
- Odors
- Nuisances
- Sand/gravel operations
- Asbestos
- Pesticides
- Underground storage tanks
- Radon gas
- Fuel or chemical storage
- Superfund, WQARF/CERCLA, or wetlands area
- Flooding
- Water damage
- Mold
- Sewer and wastewater treatment info
- ANYTHING else that might affect the buyer’s decision-making process
http://c52403.sgvps.net/~gardenbrookrealt/selling/90-things-cant-afford-neglect-selling-home/
