In a recent blog I asked the question about when do you give a property disclosure on a new home. In all the states everyone responsed that the properties are exempt. Is there any state that has to provide a property disclosure on a new construction home. From my understanding a property disclosure is something provided to the buyer disclosing how old the items are and what has been replaced or repaired. So why would this document be needed if everything is brand new?
 
Posted by Michelle Way ABR GRI WCR on 10/19/2007 09:29 AM   Comments (4)  
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4 Comments on Got Major Issue About Property Disclosure Statement

OCT
19
2007
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Hi Michelle,  There are items included on many disclosure forms which are not date driven.  As an example, many of the disclosure forms provide detailed historical statements about the geology of the area, insurance claims, flooding, liens, etc.
9:41am • #1
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Good Morning Michelle.

If the home is brand "spankin'" new there should be builder addendums already in place. In most cases these supcede MLS forms anyway. Of course, your State will have different standards than others.

For first time resale (again, in my markets), seller must disclose, always.

Thanks for posting!
9:58am • #2
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In our corner I do not know of any exemption Once the COA is issued the builder needs to disclose. And there are lots of items that are not date or age driven (at least on our forms), Permits, inspections, sewer, water adequacy, etc.
10:28am • #3
Maybe its overkill on my part but I do provide the disclosure for new construction.  I'm in CT. 
11:01am • #4


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Michelle Way ABR GRI WCR

Jackson, MS

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