I advise my seller clients to write everything they can, that they know about their home, on that Seller Disclosure Form. Even attach pages, if they needed to. In the state of Connecticut, where I live and sell homes, it is the law. The penalty for not providing a buyer the disclosure, when they make their offer, is now $400.00. The state of Connecticut just raised that penalty from $300.00. We will be issued new forms.
This is a good advantage for the seller's to take. Most people have maintained their homes. Some have updated them. Many people improve the home, prior to listing it. All good for the buyers. This is good for the sellers, also. It will make their home more desirable to the buyers. Unknown or missing information can be frightening when making such a significant purchase. Better to show off your enthusiasm for your home!
Every once in awhile, we come across a seller who has checked no or unknown, throughout the three pages of the report. Even the lead and mold disclosures are checked, unknown. This can be a warning to buyers. Have they done nothing to this home while they lived there? There seems to be a new kitchen, new doors, new boiler, etc. I suggest asking the listing agent if there might be a list of improvements. Maybe, the sellers don't understand how valuable the seller disclosure can be for the sale of their home. Sometimes we receive a list, sometimes we don't. According to state law, estates, foreclosures and new construction properties, are not required to fill out the form.
Currently, our state legislatures are updating the form. When they do, we will need to update each of our listings with that new form filled out, by the seller. Whether they owner occupy or not.
Regardless, I always advise my clients to have their own, home inspection. I call it "cheap insurance" going forward. Many of the home inspectors offer helpful tips on maintenance and changes that they can make, that will enhance the property.
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