Most US state and real estate laws require that home owners who wish to sell their properties fill up a Property Disclosure Form, which informs potential buyers of material facts about the property that is on sale. What information should be disclosed to the potential buyer? Personal information about the seller such as his age, sexual preference or health status, and his reason/s for moving are not of prime importance. What must be divulged are information concerning the propertys structural condition and present legal status. Unnatural deaths and the presence of ghosts may or may not be material facts, but it would be better if these are disclosed too. The contents of Property Disclosure Forms vary depending on the state it originates from, but these would basically require essential facts such as: the age and area of the property, problems with the property (sewer, septic, molds, etc), and property tax paid annually (among others). The Property Disclosure Form aims to let the Buyer know the exact status of the home he wishes to purchase. However, as a buyer, dont stop at reading the form, you have to be observant and be free to ask questions. If you notice that some items on the basement are up on boxes and nothing is mentioned in the form about water problems, you should ask if the basement gets (or has gotten) flooded. If the Buyer is unsatisfied with the data on the Property Disclosure Form, he is free to secure the services of home inspectors. It is the duty of the inspector to carefully evaluate the property in question and report his finding to both the buyer and the seller. If he does his work thoroughly, whatever the Seller is trying to hide will come up, sooner or later. |
