The Seller’s DisclosureNovember 26, 2012
With every listing comes a form called “The Seller’s Disclosure.” This is a form that every seller must fill out and should be included with documentation. It’s a form that tells potential buyers exactly what they’re in for with the house they’re buying. While the disclosure is a great tool, it shouldn’t be your only tool. Ask the seller if they’re willing to have a home inspection done and if any defects are disclosed, that they’ll be willing to make necessary repairs. The good news is a seller’s disclosure will let you know about any defects or potential defects in a house. The bad news is that if, after closing, something happens that wasn’t listed on the form, and the seller says they were unaware of it, there’s nothing that can be done.
This is why a home inspection is a great thing to invest in—as well as asking the seller to include a home warranty. If “Contingent upon satisfactory home inspection,” it’s written into the contract offered, the buyer is provided with options. With a home warranty secured and in place at the time of closing, both the buyer and the seller are protected, with just a little extra forethought and planning going into the terms of closing.