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Seller disclosure statement

In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is an...

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In the United States, a seller disclosure statement is a form disclosing the seller's knowledge of the condition of the property. The seller disclosure notice or statement is anecdotal and does not serve as a substitute for any inspections or warranties the purchaser may wish to obtain. It also does not serve as a warranty of any kind.[1] Misrepresentation in the statement may result in liability.[2]

Some states mandate the use of standardized forms that must be completed by the seller with questions about specific property condition issues and the seller's knowledge of them.[3] States that do not impose this requirement typically require very little disclosure by sellers, although sellers generally cannot lie or conceal issues with the property.[4]

Seller disclosure statements are not compulsory in New Mexico[5] as well as in certain other states.

See also

References

  1. ↑"Seller's disclosure of property condition"(PDF). Archived(PDF) from the original on 2001-06-15. Retrieved 2015-10-03.
  2. ↑David F. Hinkel. "Caveat Emptor and the Seller Disclosure Form" in Practical Real Estate Law. Seventh Edition. Cengage Learning. 2015. ISBN 9781285448633. Page 166.
  3. ↑Lefcoe, George (Summer 2004). "Property condition disclosure forms: how the real estate industry eased the transition from caveat emptor to "seller tell all"". Real Property, Probate and Trust Journal. 39 (2): 193.
  4. ↑Hagglund, Clarence E.; Weimer, Britton D.; Berman, Ronald S.; Weiss, Hubert R. (1 March 1993). "Caveat Misrepresenter: The Real Estate Agent's Liability to the Caveat Misrepresenter: The Real Estate Agent's Liability to the Purchaser". Hofstra Property Law Journal Hofstra Property Law Journal. 5 (2): 381.
  5. ↑New Mexico Real Estate Basics. Dearborn Real Estate Education. 2003. ISBN 9780793160570. Section 4.B.1 at page 42.