Every Buyer should receive a Seller's Property Disclosure Statement ("SPDS"). The revised AAR Residential Resale Real Estate Purchase Contract form (the "Contract") recognizes the importance of the SPDS and provides that the Seller shall deliver the SPDS to the Buyer within five (5) days after acceptance of the Contract. Thus, pursuant to the Contract, the Seller is required to provide a SPDS in every transaction. Sometimes a Seller will initially refuse to complete a SPDS on the basis that the Seller has never occupied the property, or perhaps has never even seen the property. However, if the Seller owns the property, the Seller should be able to answer most of the questions in the "Ownership and Property" section of the AAR SPDS. The Seller may also be aware of assessments, litigation, or liens affecting the property. Most of the questions on the SPDS ask only for information of which the Seller is aware. However, if there are questions on the SPDS for which the Seller does not know the answers, the Seller can simply use the explanation lines to explain. The fact that certain information is unknown by the Seller, and why, can be important to the Buyer. Despite the foregoing, some Sellers still refuse to provide a SPDS. If a listing states that a SPDS is not available, or will not be provided, the Buyer's Agent should nonetheless advise the Buyer to request the SPDS in the offer. The Seller can respond to the offer requesting a SPDS with a counter-offer that a SPDS will not be provided.
In this case, the Buyer's Agent should provide the Buyer with a blank SPDS form, which will enable the Buyer to make an informed decision regarding whether or not to waive the SPDS. At the very least, the Buyer can use the blank SPDS as a refernce during the inspection period.
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