What is a Seller's Disclosure?
| Here's Why It's Important!
Whether you’re about to purchase a new condo or sell your current home, there is a lot to learn and paperwork to sign. One of these critical documents is called a seller’s disclosure.
A seller’s disclosure, also known as a property disclosure, is a document that sellers are legally required to provide buyers. This document will include all the undisclosed details related to the property that may negatively affect its value. So before you finalize the buying or selling of a home, read on to find out why a seller’s disclosure is an essential part of any real estate transaction.
Why is a seller’s disclosure important? A seller’s disclosure is a legal document protecting both the seller and the buyer. It protects the buyer by informing them of any issues or defects the home and surrounding property may have. It also safeguards the seller from being sued by the buyer after the transaction if the seller’s disclosure was completed correctly.
For buyers The goal of the seller’s disclosure is to inform the buyer of the property’s history and future repairs so buyers can make an informed decision. If the seller’s disclosure reveals a major issue with the home, buyers should be able to cancel the deal without losing earnest money. Any problems documented in the seller’s disclosure can also give the buyer some negotiating power, such as the price of the home or requesting the seller make any necessary repairs.