SELLER Property Disclosure Statement
Seller property disclosure statement
An owner or seller must reveal or disclose any material defects about the property or asset that is being sold which are not readily apparent. This kind of disclosure statement is formed to help the seller to comply with any requirements of disclosure and to also help the buyer to evaluate the property in consideration. It discloses the owner’s information of the property condition on the date it is signed by the parties. However, it is not an alternative for any warranty that the buyer would like to acquire. The purchaser is also encouraged to bring out any concerns he may have about the condition of the asset that could be included in the statement. However, this statement does not reduce the owner of a duty to divulge a material defect that is not addressed here. A material defect is any problem with the asset or property that would have a negative effect on the value of the property.
Points in the Statement –
The Statement includes the following –
- The type of property and whether it recently had any repairs done to it. For example – roof work, gutter work, termite problems, water repairs
- Any structural problems or remodeling or additions done.
- If the water supply is public or if not then if water was tested. Sewage and plumbing details.
- Type of air-conditioning or heating provided.
- Other safety requirements like security alarm systems or smoke detectors.
- Any electrical appliances provided like washers or ovens or heaters.
- Any existing legal conditions.
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