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Tuesday, May 23, 2017

What Is A Lien? What Kinds Are There?

A lien is bad, but it's not the worst thing that can happen. It happens from time to time, and they must be dealt with. Getting behind on your mortgage, bills, other payments, and diving further into ...  Read More

Monday, May 22, 2017

HomeBuyer's Believe Wrong

Genworth Mortgage Insurance recently conducted a survey and they concluded that potential first-time homebuyers are hindered from joining the real estate market because they cannot meet the 20% down ...  Read More

The Disclosure Process for Sellers

Many have heard of the “Seller Disclosure of Property Condition” form but do not understand its significance.  The purpose of the form is to disclose information about the property he or she is about to sell.  This disclosure is based solely on the seller’s observation and knowledge of the property’s condition and the improvements thereon.  This statement shall not be a warranty by the seller or seller’s agent and shall not be intended as a substitute for an inspection or warranty the buyer may wish to obtain.  The information in the form is only for the period the seller’s owned the property.  However, if they are made aware of items affecting the property prior to their purchase, this must be disclosed as well. There are 10 sections to the form that the seller must complete:

  1. House Systems
  2. Foundation/Structure/Basement
  3. Roof
  4. Land/Drainage
  5. Boundaries
  6. Water
  7. Sewer System
  8. Construction/Remodeling
  9. Homeowner’s Association
  10. Miscellaneous

In Addition to the “Seller Disclosure of Property Condition”, homeowners with homes built prior to 1978, will need to complete a “Lead Base Paint Disclosure”.  The seller of any interest in residential real estate is required to provide the buyer with any information on lead-base paint hazards from risk assessments or inspections in the seller’s possession and notify the buyer of any known lead-based paint hazards.