Seller Disclosure Form (agent, lawsuit, property, lawyer)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I'm confused about the seller's disclosure form. Do you have to disclose current problems or problems that you've had in the past, but have now been corrected. For example, I'm selling my home and about three weeks ago, our sump pump stopped working and water backed up into the basement. The only damage it did was to the carpet in the finished portion of the basement. We immediately had the sump pump replaced and replaced the carpet and padding. Does this need to be disclosed on the disclosure form since the problem isn't ongoing and has been corrected?
We were told when filling ours out that we had to disclose anything that was a current problem and anything that happened while we were in the home. If not then they might somehow find out about it and think you are hiding something, which even if you're not isn't the type of image you want to put out. I would say definitely put that you had the problem and in the explanation explain that it was immediately resolved along with how long it took you to change it out. It's always better just to put everything you know in there so they can't come back and say you lied or hid anything.
I'm confused about the seller's disclosure form. Do you have to disclose current problems or problems that you've had in the past, but have now been corrected. For example, I'm selling my home and about three weeks ago, our sump pump stopped working and water backed up into the basement. The only damage it did was to the carpet in the finished portion of the basement. We immediately had the sump pump replaced and replaced the carpet and padding. Does this need to be disclosed on the disclosure form since the problem isn't ongoing and has been corrected?
It is confusing. Our corporate legal beagle just gave a pitch on the subject. Basically in Nevada you need not disclose that which has been fixed...except when the form says otherwise. The two "otherwise" cases turn out to be water and mold. These effectively have to be eternally reported unless you are a bank or a relocation company whereupon you don't have to disclose anything.
The lawyer implied that a move was underway to change the water and mold stuff to some rational number shorter than forever. But for now you have to report it.
So read the disclosure and do what it says. Answer the question asked...
It is in the best interests of the Agent and Broker to get everything and anything disclosed. It is often not in the best interest of the seller to get everything disclosed. The seller pays the costs associated with disclosure not the Agent and Broker.
On two occasions I have had knowledge of a home that the seller did not. If the seller knew what I knew disclosure might have been requred. After discussion with counsel the seller was not told. Note that I would be required to tell the seller (and buyer) of a known defect. But there is no such requirement on a defect that has been repaired.
Here in NM if the broker knows it is incumbent on them to tell the seller.
Boy did that get me in a pickle once!
Some people hadn't been back to their home in a few years. They were sick and dying. They asked me to list their home. I was so excited! It was my first listing. 2 trailers joined by a makeshift porch to call it a doublewide on 3 lots. I knew nothing about railroad lots. 25' wide by 100' long. something like that. I went to ck out the property. It was crap! But it was my first real listing! Put a sign in the ground and had my daughter take my picture!
There was a new hole dug right on the fence line with a new yellow plastic tank in the ground.
I thought hum, what is that? It looks new. Weird, as they've not been to their land in years. Very small town. less than 100 people. My uncle lived there and new everything. I went and asked him what it was. He blew it off and didn't tell me.
So I asked the sellers and told them, someone has dug a hole right on property with a big yellow tank in it. If they hadn't been there, what was it? Someone was digging on their land! I was their agent, and had to tell them.
Come to find out, the railroad lots, narrow. It wasn't their land.
The owner called EPA, as the big yellow tank was a septic tank and there was NO WAY it could be within 100' of their well as the lots were only 25' wide. 100' is the law for distance. It was probably 25 feet away.
Guess who owned the lot next door and who put it in right on the fence line?
One of my cousins owned the lot, and my uncle's son installed it.
In AZ, our Disclosure form asks the seller if they "are aware of ....." whatever - regardless of how far back
As for agents / brokers, if we are aware of information that the seller is not, we are obligated, by law, to tell the seller and in order to "deal fairly" with the buyer, make sure such "material" information is disclosed to the buyer.
Recently, it was mandated that a "Fissures" map be provided to buyers in addition to other maps (such as airport flight patterns) - it is up to the agents to stay on top of these things
Does disclosing 'issues' that you quickly corrected make your disclosure more 'honest' and appealing to a home buyer? I mean, I think if something goes wrong, which happens for many home, and having a proactive owner makes the home more appealing.
In AZ, our Disclosure form asks the seller if they "are aware of ....." whatever - regardless of how far back
As for agents / brokers, if we are aware of information that the seller is not, we are obligated, by law, to tell the seller and in order to "deal fairly" with the buyer, make sure such "material" information is disclosed to the buyer.
Recently, it was mandated that a "Fissures" map be provided to buyers in addition to other maps (such as airport flight patterns) - it is up to the agents to stay on top of these things
What comes after "are aware of ....."? If it says "defects with whatever" one can answer no if a defect was fixed. There is a recent NV SC decision on the matter.
The exceptions in Nevada are water and mold where the question is written such that any incident must be disclosed.
Now say I know that a home received heavy mold remediation for an infestation under the sink that involved removing and replacing all the cabinetry involved. I know the home was signed off by an industrial hygenist as free of mold.
My seller is unaware of the infestation. Clearly if they knew it would have to be reported on the disclosure form. Must I tell them? The answer is no. I must tell them of any defect I know of...but there is no requirement that I tell them other things...particularly when it is contrary to their best interest to know. That is, by the way, a legal opinion in writing.
Here is another...A house was knocked off its foundation by A Sparklett's truck fifteen years ago. It was put back and all damage repaired. I find that out (helpful neighbor sends press clipping). Do I have to tell my unaware seller? Would my seller have to disclose it?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
