Disclosures are a legal requirement yet they are treated as though they have little to do with the selling process.
I had a seller as me if the disclosures were like the military..."Don't Ask Don't Tell"? NO that is not quite how this works.
So when filling out disclosure do you really have to tell the truth? That is another one of my all time favorites to be asked. Sometimes the question is asked by the buyer and sometimes by the seller but this is asked at least once every other month.
I asked a seller if he believed the seller disclosures on the home he purchased? He said he did but once in the home found that the seller has lied about a variety of issues. So he thought they were only for honest people and really didn't have much validity. Again...this misconception can be very costly. People have been awarded thousands of dollars for information on disclosures being omitted or misrepresented to help the property sell.
Agents never fill out the disclosures...why simple, it is not their property, how can they attest to the condition? They also do not want to take the liability of mis-statements. The seller is the party that fills out the disclosure documents.
The inspection process can help verify the accuracy of the disclosures, like estimated roof life, furnace condition, water heater, insulation, plumbing and electrical can also be inspected.
Are disclosures supposed to be accurate YES!...can you rely on them 100% NO...it is to the best recollection and understanding of the seller. Do you believe everything you hear in a court room? The seller attests that the information is factual but...it still is your purchase...do what you have to do to make sure you feel comfortable.
Sellers are obligated to fill out disclosures and most do it completely...some will not.
Your best bet is to use a professional to help you through the process of purchasing and selling. The legal tangles can be many...Realtors are not lawyers but are licensed and trained to meet the needs within the real estate market.
Want to know about your obligations when dealing with disclosures before you list or buy a home?
Give me a Call Toll Free 877-667-4699(Michigan) Email ~ GaryWhite@grar.com Website: www.FlexItRealty.com
Disclosure is an important aspect of the selling process. As Michael stated above, a home inspection is essential. It is important that the real estate agent explain the purpose of disclosure and the ramifications of seller misrepresentation.
Good post!
It just chaps my hide when I show a property and there are obvious cracks be it settling cracks or possible structural problems. I state to the buyers "Let's pull the disclosure and see what is going on with this house." The disclosure form is as clean as a whistle...very aggravating. Great information!