Home Search

Recent News

Tuesday, October 10, 2017

What is A Transaction Fee

One of the fees that comes along with buying a house is a “transaction fee”. This one is often forgotten, but it’s one of themes cubical ones. This is a sizable chunk of money that ...  Read More

Wednesday, October 04, 2017

Changes to Come Within Credit Agencies

There’s going to be a new way o doing things at the credit agencies after the Equifax consumer data hack. The agencies Equifax, TransUnion, and Experian will be receiving embedded regulators to ...  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.