What You Need to Know about Sellers Property Disclosures
| If you’re in the process of buying a home, you’re probably familiar with a Sellers Property Disclosure (SPD). It’s exactly what it sounds like–a legal document that the seller fills out to disclose any known defects that may negatively affect the value of the home (such as known termites, leaking roofs, flooding, pets, and even deaths in the home). Similarly, the SPD can also include any work and upgrades that may positively affect the value of the home. Here’s what you need to know: |
| 1. Sellers Property Disclosures are extremely important–for both the buyer and the seller. The buyer must (carefully!) review & sign the SPD, and the seller must diligently and honestly fill it out to the best of their knowledge. |
2. In our market, buyers generally review the Sellers Property Disclosure before putting in an offer on the home. In fact, SPD’s are generally available for agents to access online. Interested in seeing one for a home you like? Just ask us.
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| 3. Sellers Property Disclosure requirements vary by state and county, but sellers are generally obligated to disclose everything that they know. Unfortunately, a lack of proper disclosure can lead to messy conflicts down the road…and even lawsuits. |
| 4. Sellers Property Disclosures are very different than home inspections. Generally, the sellers do not have the knowledge of a home inspector, and therefore an inspection can reveal quite a bit more than a SPD. We always recommend making any purchase contingent on a satisfactory home inspection. |
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