Sellers Disclosure- Means the Seller must disclose....what they KNOW.

   One of the most important documents that come in front of a prospective buyer is called the sellers disclosure.  Each seller in Pennsylvania is required to fill out a sellers disclosure when putting their home on the market.  The disclosure is to provide a clear picture of different aspects of the property, such as roof, basement, electrical etc.  The seller is obligated to disclose any and all situations that affect the property that they are aware of. For example:  There has been a leak in the basement for several years, and it has been addressed by a waterproofing company- the sellers must disclose this fact even though it has been addressed.  At the same time, a seller cannot disclose what they do not KNOW about.  Another example:  The property is being sold by an investor who has never lived in the home.  They will answer the questions to the best of their knowledge; but of course not having lived in the property, it would be difficult or next to impossible for them to have firsthand knowledge. 

    First time homebuyers please take note...  When your agent gives you the sellers disclosure; sometimes it looks like a lot of information to process- read it.  Read it carefully.  Ask questions.  This document is provided to you as a window into the possible future of this property.