SELLERS DISCLOSURE STATEMENTS A Win – Win Document for Buyers and Sellers
Sellers Disclosure Statements
“Fill out a sellers disclosure statements – Why do I need to fill out another form?” It’s a question I am often asked by sellers when they list their home for sell. An easy answer is “because you have to.”
The real answer is: because you are protecting yourself against all kinds of problems down the road – problems that can pop up years after you have sold and closed your home.
One of the first things we ask sellers to do is fill out a detailed Sellers Disclosure Form, provided by the Georgia Association of Realtors.
A Sellers Disclosure statements are checklists in the form of a contract addendum which details items that need to be repaired, material facts about the property, and other factual information which could negatively impact the financial value of the property. This is a binding legal document when executed properly by the parties to a contract.
What type of information is included in the Seller Disclosure Statements?
- Identification of the property: Includes determination of the owner’s occupancy of the home.
- Questions about the Soil Trees, Shrubs and Boundaries: Includes questions about landfills, sinkholes, settling, dead trees, and boundary line matters.
- Questions about Roof, Gutters and Downspouts: Identifies the approximate age of the roof, any past leaks, and gutter and downspout issues
- Termites, Dry Rot, Pests and Wood Destroying organisms: Discloses information about potential dangers to the home. This is the main section for researching termite infestation and damage.
- Structural Items and Alterations: Includes important information about movement of soil.