It is extremely important that you disclose all known information about your home to a prospective buyer. Failing to disclose known material facts about your property can lead to severe monetary penalties. We will fill out some forms specifically addressing the condition of your property and any known outside influences that could affect the future value. Is there an airport scheduled to be built in your area? If you live in an area that has a Homeowner’s Association, will they be raising dues or conducting repairs in the near future? These are just examples of items that would need to be disclosed to prospective buyers.
Real Estate Transfer Disclosure Statement
Asks specific questions about the condition of the property. It will be necessary for you to disclose any recent repairs, knowledge of easements or common areas shared with other homeowners among other issues. This form is required by law in all residential real estate transactions of 1-4 units. See a sample of this form here:
Sample Real Estate Transfer Disclosure Form
Seller Property Questionnaire
Supplements the Real Estate Transfer Disclosure Statement. It is a form to be completed by the seller in an effort to give a buyer a more comprehensive understanding of the property to be acquired. The four pages of questions can often prompt a seller to remember something about the property that they otherwise may not have remembered or may not have considered important enough to disclose. The questions ask for the seller’s actual knowledge not a warranty regarding the property’s condition. See a sample of this form here:
Sample Seller Property Questionnaire
Lead Based Paint Disclosure
If the home was built prior to 1978, the you must give the buyer this disclosure, which tells them any of your knowledge of any lead-based paint on the property.
Natural Hazard Disclosure
Will disclose to the buyer whether the property is in a Special Hazard Zone, such as a Flood Zone or Earthquake Fault Zone. If the home does fall into some of these categories, the lender might require the buyer to purchase additional insurance coverage. These reports are furnished by an outside geological firm, and typically cost $100—$150. See a sample of this report here:
Sample Natural Hazard Disclosure Report