Real Estate disclosure blues
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Real Estate disclosure blues
Dear Phyllis,
I enjoy your weekly question-and-answer column, and I have not seen you address real estate disclosures. I am currently selling a home in Glendale. This property was purchased through foreclosure as an investment, and I have never lived in it. In my listing contract, I stated, “Home sold as is, with no seller repairs or warranties.” The buyer also confirmed this in their counteroffer.
After we opened escrow, my Realtor gave me a stack of disclosure forms and told me I must complete them. I do not know the answers to most of the questions. I do not understand how I can be expected to provide information about a home I do not know well.
Bill T.
Dear Bill,
As a real estate agent, I am also often frustrated by the amount of paperwork, some of which feels redundant. The law requires you to complete real estate disclosures. I am not a real estate attorney, but in my experience as a Realtor, it is prudent to note on the disclosures that you have never occupied the home.
These disclosures exist so you can disclose any known material facts or defects. If you visited the home and noticed a leak, you must disclose it. If you do not know an answer, write “unknown” or check the appropriate box. You do not need to act as a detective to find answers.
Unless your Real Estate Purchase Contract requires it, you do not need to complete the Property Questionnaire. This is an additional three-page question-and-answer form.
Related Posts: How to handle paperwork when selling by owner
What’s included in the sale
Selling with a leaky roof
