With properties being sold every day in the New York market, real estate agents are constantly providing seller’s disclosure documents to buyers. If you’re considering purchasing a property, then you need to fully understand what this document is.
A legal obligation
Real estate law states that every property seller has a legal obligation to the buyer to disclose if there are any known defects with the home or property. This can be done with a property disclosure statement known as a seller’s disclosure.
Things you need to know
Each seller’s disclosure agreement may be slightly different from the next. The requirements of a seller’s disclosure agreement are mainly state-mandated. An experienced real estate agent can let you know what should be included in the disclosure depending on the laws in your specific state.
While it’s important for a seller to disclose known defects that can affect the value or safety of the home or property, the seller doesn’t need to go searching for problems. If there is a defect that the seller didn’t know about before the sale, then they won’t likely be held liable for it.
Disclosure documents must be in writing; oral information about defects is not enough. In addition, buyers need to realize that a seller’s disclosure is not an inspection report on the home or property. It only includes defects that the seller knows about. It’s always advisable for a home or property buyer to get a home inspection performed by a licensed inspector.
The importance of due diligence
When purchasing real estate in any state throughout the United States, you’ll receive a seller’s disclosure. This allows you to learn of any potential defects to the property that you’ll have to deal with. By understanding the information on the document, you’ll be better prepared to handle the purchase of a property or home in the future. A real estate attorney may help you understand the information on a seller’s disclosure and other documents involved in the sale.