Not every company uses one. In Florida it's not necessary for a seller to fill one out (although Florida law requires them to disclose defects not readily observable). If they won't, I'm always suspicious. The sellers that I've worked with over the years are generally more than willing to fill it out; often they ask "should I mention the little roof leak of a year ago that was fixed?" Yes is the answer! The more specific a seller is the better. It's not our job, as agents, to confirm information. But as the listing progresses, if a new issue is addressed with a repair, we should try to remember to have them update their seller's disclosure. Another good policy, when an agent asks to see the seller's disclosure,is to quickly have the Seller review the form to make sure the information is current.
Maryland real estate law is very strict and explicit about the Maryland Property Condition Disclosure, Disclaimer. If it isn't completed within so many days of the settlement, the buyer can walk, including AFTER SETTLEMENT.
Virginia is more caveat emptor and buyers are advised to have an inspection to discover defects.
The disclosue should be at the home available for buyers when they tour.
I get the disclosue and review it BEFORE showing a home when possible.
Agents don't understand that most post settlement lawsuits by buyers are about undisclosed property defects.
This is one document where you want to make sure all the i are dotted and t crossed!
Hi Linda: New York is Caveat Emptor.... However, if the seller knowingly stated that they had no knowledge of a defect, and they did - they are still liable... Attorneys will always ask the sellers here to pay the $500 penalty rather than complete the disclosure form in the event of such 'errors'. Best, Gay
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