Seller Disclosures: Protecting Yourself As You Sell

When a listing file gets turned into me here at the office I oftentimes do not have the seller’s disclosures tucked away neatly inside. In fact, the seller disclosures are the primary documentation I have to ask for from the sellers as soon as an offer comes in. Why do we give the seller so much extra time with these disclosures? Well, it is because the information disclosed within a seller’s disclosure is the primary way for a seller to communicate with a buyer about all the material information, home owner’s knowledge and details about the home that can only assist in the buyer’s decision to purchase.

The seller must sign many forms to officially initiate the process of a listing. On disclosures, the seller is attesting that all the information held within is accurate to the best of their knowledge. Disclose disclose disclose.

Lawsuits stemming from nondisclosure of a property's problems are becoming a bigger issue, according to respondents in the National Association of Realtors 2011 Legal Scan survey. Of the agents who responded, about 75% ranked this issue among their "top three current and future issues."

With every detail, a seller is protecting him/herself more and preventing future lawsuits that may be brought against them if a buyer retroactively finds defects in the home. That is why we give sellers weeks to hold onto their seller’s disclosures so have time to think of major and minor repairs alike, environmental hazards, defects etc. Being upfront about anything and everything is best. It provides a seller’s representing agent to have negotiation power and not be blindsided by something that comes up.

This is just one way to make the selling process more seamless for sellers. If you are interested in potentially selling in the Gallatin Valley, give me a call today (406) 570-5730 with any questions or inquires you may have.

http://www.realtor.com/blogs/2013/06/10/use-a-seller-disclosure-to-protect-yourself-as-you-sell/

http://realestate.msn.com/sellers-6-disclosures-you-must-make-or-it-could-cost-you

 

 

Hart Real Estate Solutions

www.hart.realtor

406.585.0000

Hart Real Estate Solutions Bozeman Montana


  

 

Comment balloon 4 commentsHart Real Estate Solutions • June 17 2013 10:29AM

Comments

You are absolutely right, the sellers DO need to make sure they disclose as much as they can, however, I like to actually sit with them and get the disclosures completed on the spot. 

Posted by Jean Hanley, Specializing in Folks Who Want To Buy/Sell Homes (Coldwell Banker Kivett Teeters) about 5 years ago

Tim,

This is a great explanation of the importance of seller disclosure documentation. We spend alot of time explaining the critical significance of seller disclosures and the legal protection they provide. Your post should help educate sellers on this important issue.

Posted by Trisha Bush-LeFore, Providing Realtor Services in the Walla Walla Area (Preferred Properties Land & Homes) about 5 years ago

Needs to be a featured post.   In some regions, the disclosure now is part of every offer contract of purchase and sale.  

Posted by Li Read, Caring expertise...knowledge for you! (Sea to Sky Premier Properties (Salt Spring)) about 5 years ago

Thanks so much for your comments all!   Tim H.

Posted by Tim Hart about 5 years ago

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