What is a Seller's Disclosure Form and What to Expect

Whether you are a buyer or seller of Fairbanks real estate, at some point you will take a look at a Seller's disclosure form. This form states as much information about the property as possible as far as condition goes. Each state has their own form and usually the local listing service provides this for agents and seller's that complies with the local law.

As a seller, you will receive this form when you first list a property. It can be one to six pages or more that answers most questions about the property such as damage, leaks, or condition.

Your listing agent will have the correct and most current form for you to fill out. This information is to the best of your knowledge. There is usually a place to enter "don't know" if you truly do not know. But listing agents and buyers expect you to answer as truthfully as possible. This can save you hassles and expense if there is proof of an known issue down the line and it was not honestly conveyed on the seller's disclosure form. It is just not worth the hassle.

As a buyer, this information is typically dispursed when an offer is on the table. The buyer can ask for the information before an offer has been received but not willingly given. Simply ask your buyers representitive or the listing agent for this information. As a buyer, you will want to thoroughly go over the information and be sure you still want to buy the home. There is typically a lead base paint form that will inform the buyer whether there may or may not be lead based paint in the home. Homes built after 1974 are almost sure to not have the paint so it typically only applies to homes built before this.

On that subject; most homes built before 1974 probably have some type of lead based paint somewhere in the home. The walls have most likely been painted over several times since but if the owner was not there prior to 1974 they usually check the box stating they have no knowledge of lead based paint. It is good to remember as a buyer though, that is it probably under several layers of paint and to keep this in mind with small children.

Some disclosure forms may have supernatural questions such  as if someone has died in the home or if there has been any known paranormal activity. This is rare of course but may be  something buyers want to know. Check with your Fairbanks agent for more on this.

To wrap up, a seller's disclosure form is very beneficial to buyers and sellers. It helps the buyers to know as much about the home as possible and allows the seller to be free of any issues that might arise in the future if they are disclosed now. The buyer cannot come back to the seller on something if they had knowledge of it before the purchase.

For more information on this and to speak to a Fairbanks real estate agent, please contact us anytime.

Other Useful Resources:
Better Homes and Gardens real estate is your source for all Las Vegas homes for sale including Summerlin NV homes for sale, Henderson NV foreclosures and Las Vegas short sales. With access to all the current listings in Henderson NV homes for sale, BHG Desert Properties can help any buyer find their dream home. We offer agents specializing in Las Vegas foreclosures and all Summerlin NV short sales.

RE/Max Seaside Properties offers our buyers and sellers all listings in Whidbey Island real estate and has brokerage services for those looking to buy or sell on Whidbey Island. Check back often for all updates on Whidbey Island homes and properties.