When selling real property, sellers and licensees must reveal all known facts that materially affect the value of residential property that are not readily observable to the buyer. Some licensees work under the theory of "don't ask, don't tell.'' This can be the recipe for a lawsuit.
To protect the parties to a contract and to reduce their liability, licensees should use a Seller's Real Property Disclosure Statement similar to the one shown in the Forms-To-Go section. -This disclosure is a detailed fact sheet about a property, prepared and signed by the seller and given to a buyer before the contract is signed. The seller describes any defects in the property that may affect its value. The licensee should avoid helping the seller prepare this form.
Courtesy of Rowlett Real Estate School LLC
P.Stone, RRES
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