When listing your home for sale your Realtor® is going to ask you to fill out a Sellers Disclosure form. What is this and why should you fill it out?
The sellers disclosure form is a list of questions about your home that is given to the potential buyer to disclose any known past or present defects with the property.
As a seller you are required to disclose what you know due to a rule establised based upon the Johnson v. Davis court case in 1985. This rule came into effect when the buyers purchased a home from the sellers and sued them because they believed the sellers knowingly sold them a home with a defective roof and as sellers failed to disclose this fact to the buyers.
You don’t have to use the exact form but you must disclose “any defects you are aware of that may materially effect the value of the property that are not readily observable and are not known to the buyer”.
Disclosing anything you know about the home protects you from a potential lawsuit after the sale. It also helps the buyer make an informed decision to purchase your home.
Kelly Harden, Realtor®
Mihara & Associates, Inc.