What buyers and sellers need to know about property disclosure statements
Property disclosures are an essential part of the homebuying process. Property disclosures are a statement the home seller gives to the buyer that discloses everything they know about a house that could be problematic for the buyer. Property disclosures give the buyer a clearer idea of the true condition of the house, and they prevent the buyer from suing the seller further down the line if they discover problems with the house they weren’t aware of.
Property disclosures are usually given after the buyer has made an offer on the house, yet the property disclosure is important to read before having a home inspector, so the home inspector can keep an eye out for what is detailed on the property disclosure. Reading the property disclosure and doing the home inspection is part of the given time frame the buyer has to do their due diligence in making sure they want to buy the house. The property disclosure will include national standards along with county or state-specific requirements. There are a few states that are “buyer beware” states, meaning they don’t require much or any disclosure on the part of the seller, leaving the complete burden to the buyer.
Items that may be included on disclosure forms include information about lead paint, water damage or mold, termites, hazardous weather conditions, sex offenders in the neighborhood, or if a crime has taken place and/or someone has died in the home.
Sellers should consider getting a home inspection if they need a professional opinion while preparing the house to sell or preparing the property disclosure. If you need a home inspector, choose Forever Home Inspection! Forever Home Inspection is Oklahoma and Iowa’s premier home inspection company. We offer a variety of home inspection types for your every need.
