Special offer

Spam prevention
Rainmaker
5,583,278
Barbara Todaro
RE/MAX Executive Realty - Happily Retired - Franklin, MA
Previously Affiliated with The Todaro Team

It offers a small degree of protection for the buyer....

Jul 04, 2016 11:42 PM
Ambassador
1,452,819
Susan Emo
Sotheby's International Realty Canada - Brokerage - Kingston, ON
Kingston and the 1000 Islands Area

Up here we have a form called an SPIS (Seller Property Information Statement) which would be similar to your Disclosure forms.  In this article, we are warned NOT to have our Sellers complete it (and their lawyers advise the same).   When acting for Buyers, I do request it in the offer but only to protect myself.  Read article here:  http://www.slaw.ca/2012/11/06/selling-your-home-you-and-your-agent-better-be-careful-of-what-you-say-or-dont-say/

Jul 04, 2016 11:58 PM
Rainmaker
1,844,301
Lyn Sims
Schaumburg, IL
Real Estate Broker Retired

It's the law in my state along with the other disclosures of lead paint, radon & mold.

Jul 04, 2016 11:41 PM
Rainmaker
1,466,207
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Seller disclosures protect the customer/client.

Jul 04, 2016 11:39 PM
Rainmaker
4,882,355
Richard Weeks
Dallas, TX
REALTOR®, Broker

In our state in some transactions the seller must provide a sellers disclosure.  In addition common law would make it necessary for a seller to disclose any and all known defects to the property even if state law did not require a disclosure.

Jul 04, 2016 11:37 PM
Rainer
24,099
Steve Snyder
Private-Money-Loan.com - Los Angeles, CA
310-948-8585 |100% LTV | Stated | Private Money

CYA ... a big giant load of paperwork conjured up by lawyers in order to CYA

Jul 10, 2016 12:25 AM
Rainmaker
1,617,916
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

The seller must disclose all items on the home to the buyer so that the buyer can make an informed decision.

Jul 05, 2016 02:34 PM
Rainmaker
2,224,473
Debbie Laity
Cedaredge Land Company - Cedaredge, CO
Your Real Estate Resource for Delta County, CO

We have a sellers property disclosure where the seller can tell buyers what they know about the house. It's not a mandatory form, but it does give buyers an idea about the house. A home inspection is still important, because some sellers don't know everything about their house, or they may have forgotten some details. 

Jul 05, 2016 01:38 PM
Rainmaker
3,988,007
Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

So they can get the information before they go into a binded contract. 

Jul 05, 2016 09:07 AM
Ambassador
6,393,609
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

The name of the game is CYA, and it is the law.

Jul 05, 2016 07:53 AM
Rainmaker
4,800,082
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

So buyers can have an idea of any past issues with the home and also as a reference in the future should the sellers have been less than truthful.

Jul 05, 2016 04:08 AM
Rainmaker
1,502,998
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Let's the seller tell the buyer anything of importance that is not readily visible to an inspector or the buyer.

Jul 05, 2016 03:03 AM
Rainmaker
4,936,705
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

disclose disclose disclose that is why.

Jul 05, 2016 02:42 AM
Rainmaker
613,494
Eve Alexander
Buyers Broker of Florida - Tampa, FL
Exclusively Representing ONLY Tampa Home Buyers

In Florida the duty to disclose is the law, the duty to put it in writing is not required.

I recently went under contract for a property which I made subject to inspections etc. AND sellers disclosure.  ListAgent said that there was no need to fill one out because the seller had not lived there and knew nothing...

Give me a break!  I do not live in my rental properties but I know exactly what the problems are because tenants complain and I pay the repairs.

I insisted, and the seller did fill out the seller's disclosure...bless him.  Seller knew all sorts of stuff that the agents for sure did not bother to disclose or told us a contrary story about.

Sellers disclosures are necessary for full disclosure.

Eve

Jul 05, 2016 01:25 AM
Rainmaker
4,572,183
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

This will vary by jurisdiction.   In California, seller's disclosures are a part of a real estate transaction but the duty of the seller to disclose can vary based on the type of transaction.   

Disclosures give an indication of a property's condition but should not be used in place of a buyer's personal and professional investigation, inspecton and general common sense of the property condition as well as the surrounding neighborhood.   As I tell my buyer clients -- some sellers are very aware and in tune with their home/neighborhood while others seem to have little or no knowledge.   

Jul 05, 2016 01:02 AM
Rainmaker
469,510
Dan & Laurie Pittsenbarger Team
Keller Williams Western Realty - Bellingham, WA
Lakeside & Coastal Single Family Homes

In my opinion. If the seller accurately fills out the seller disclosure statement it gives the buyer some pre-inspection data about the property and "may" save them the cost of paying for an inspection. What I mean by that is that they may see something on the disclosure they don't like and reject the disclosure and decide to terminate right there - thus saving the inspection costs. In no way should a buyer count on the seller disclosure to tell them everything "wrong" with a home but there may be something on it that tells them something they don't like before the inspection is done.

Jul 05, 2016 12:58 AM
Ambassador
2,684,109
Fred Griffin Florida Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Seller must disclose latent defects pursuant to Florida law.

Jul 05, 2016 12:36 AM
Rainmaker
921,504
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

They create the foundation for a buyer to sue everyone involved in the transaction. They set the basis that require the seller to prove WHAT THEY DO NOT KNOW. That is an impossible situation.

In many locations the permitting process is so extensive a buyer can see all they need to know in public records.

Sellers should sell houses in the same manner banks sell the houses they stole.

Buyer needs to do their due diligence. Hold their inspectors accountable.

Unfortunately, that is NOT the prevailing practice and sellers are forced into the path of peril by real estate agents who do not know how to protect them.

Jul 05, 2016 12:13 AM
Ambassador
5,049,450
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

There are mandatory disclosures in CA for many types of residential real estate transactions which provide information for buyers about the condition of the home

Jul 05, 2016 12:04 AM
Rainmaker
1,239,901
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Check Lemon Law on carsand its disclosure packages.

Jul 04, 2016 11:57 PM
Rainmaker
2,781,173
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

When large amounts of money and goods changes hands, everyone wants to see and know what they are getting into and out of. Agents police this

Jul 04, 2016 11:54 PM
Rainmaker
5,104,931
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

In many states a seller's disclosure is the law. Regardless, it provides some knowledge for a buyer about the condition of the home upfront.

Jul 04, 2016 11:52 PM
Rainmaker
7,836,139
Roy Kelley
Retired - Gaithersburg, MD

They offer some protection for the purchasers.

Jul 04, 2016 11:40 PM