Pa Real Estate Seller`s Disclosure Form
Overall, you`ll probably notice a general format change first. There are instructions at the top of each page that remind sellers (and buyers) that every question must have an answer. We have also tried to simplify the parts of the form that have caused difficulties, such as moving. B of the answer fields to the right side of the page and the reformulation of some questions. Selling a residential property involves juggling important factors such as marketing, inspection, staging, etc., but one of the most important legal requirements is to provide an accurate property disclosure form. While different states have different laws and regulations regarding seller disclosures, all have a common goal of exposing property issues to potential buyers. Once the sale is complete and the buyer finds something they find unfavorable, a well-detailed disclosure from the seller can protect you from lawsuits, as this document can minimize the risk of a lawsuit for misinformation about the past or current condition of the property. What we`ve added should give buyers detailed information without burdening sellers. Details about repairs and service are now being queried, such as. B is the name of the person who performed the service or repairs. Questions have also been added or modified to draw the parties` attention to items that may not be able to be sold with the property, such as. B, rented solar panels and systems that can be shared with neighboring properties, such as. B septic tanks or walkways.
If you live in a flood zone or wetland, this is the perfect place to disclose it. Seller disclosure extends to other uses of the property that would affect an owner`s experience. You should note all border disputes (for example. B if your neighbor claims that your fence is on his land, etc.). If there is a common area, such as a driveway or dock, you will need to both note the area and specify an existing maintenance contract you have with other owners. See the updated SPD form. The new form and others will be discussed at the upcoming Best of the Hotline webinar on June 21 at 10:.m a.m. Please schedule your participation for more information or send your questions to Desiree Brougher. Buyers need to do their due diligence when buying a home, as it is one of the biggest investments of their lives. A seller`s disclosure is not a substitute for an inspection and should not be treated as such.
An inspection can often – and will usually reveal – problems that the seller was not aware of. One of the most common questions listing agents receive about the disclosure of AP is, “Do I have to disclose this?” In most cases, this is a situation of better security than abstention. Finally, there is a section titled “Additional Hardware Defects” for anything that has not been specifically covered in the previous sections. Don`t think you avoided having to disclose a known error just because it didn`t appear on the form. If you don`t include it in this section and a disgruntled buyer can later prove that you knew it, you could face a lawsuit. When it comes to basements, the main concern is flooding. You need to ask yourself if you have a sump pump, if moisture is present, and if you`ve ever done anything to control flooding or moisture problems. Flood and plumbing issues are among the most common disclosures — even if you`ve had problems here, it may not matter to the buyer “I`ve never come across a home without any problems,” notes Sitzpai. “The owner has a responsibility. If something goes wrong and it can be identified as a long-standing problem, and they go back to disclosure and find that it has not been disclosed, there may be problems. It is best to disclose it, because while disclosure protects the buyer, it also protects the seller. “But there is one thing that is common to the disclosure obligations of each state; They are required by law.
This means that if you don`t disclose a required issue, you run a serious risk of lawsuits, fines, or worse. In the end, no one knows the requirements of your market better than an experienced real estate agent. Smart partner agents are the best performers in their markets and come from the best brands and brokers. They know all the nuances of mandatory disclosure in Pennsylvania, and with their lawyer, you haven`t had to worry about lawsuits for years. Contact us today for a non-binding consultation! Since a property disclosure is intended to educate buyers about the condition of your property, the document should include the following critical information (not an exhaustive list): The form asks you, the seller, about your level of knowledge and education in engineering, architecture, and other areas related to the construction and design of the property. This means that if you are an architect or engineer, you are bound by a much higher standard of disclosure than, say, a hairdresser. After all, you couldn`t credibly say that you didn`t know anything about the twisted foundation if you were an engineer. If your home was built before 1978, the seller and buyer must sign a lead paint declaration stating that lead paint may have been used on the property. This is a federal law that applies to all states.
In other words, the disclosure statement is not a guarantee. Similarly, real estate agents cannot be held liable unless they have been informed of a major defect and have chosen to ignore it or advise their client not to disclose it. Pennsylvania makes it easy for you to know where you stand with your disclosures, thanks to the standardized disclosure form. But there are still grey areas that could cause confusion. Each state has a unique set of disclosure requirements. In AP, you are not required to disclose the presence of unsavory neighbors (no matter how noisy they may become), deaths that have occurred in the home, crimes that have occurred in the home, or paranormal activities. If the court recognizes that you are at fault, you may be held liable not only for the cost of repairs, but also for other damages suffered by the owner. PA does not allow punitive damages for disclosure, which means you will not be asked to pay extra money to send “a message” to other home sellers.
In some of the most extreme cases, the courts have allowed a sale to be cancelled. Do you have questions about what you need to disclose? Contact one of our experienced listing agents today. You would be happy to answer any questions you may have about Pennsylvania`s disclosure statement. Anyone considering selling a property must disclose the “known defects” to any potential buyer. Most attorneys and real estate agents ask their selling clients to fill out a Seller Disclosure Form, which is a written document that contains all the information about the terms of the property, defects, possible repairs, or underlying issues that could influence the buyer`s decision. Many homeowners may wonder what`s going on if they don`t disclose it. It should be noted that because the stakes in real estate are so high, litigation is quite common. If you don`t reveal something important about your property, it`s very likely that you`ll either need to reach an agreement (meaning you`ll have to pay to fix the problem) or hire a lawyer. The court referred to the state`s requirement that only “material defects” be disclosed. It is clear that ghosts and psychological damage are not significant and therefore not covered by disclosure laws. Many sellers choose to sell a home “as is” to reduce the time it takes to complete the deal. These sellers remain responsible for disclosure.
If you do not currently occupy the property, you will need to note why. This may mean that the house was vacant, was rented or if the property is an inheritance. .