Using the Seller’s Property Disclosure Statement
The Seller’s Property Disclosure Statement (Form SPD) discloses known defects and conditions on the Property and complies with the Real Estate Seller Disclosure Law.
Exceptions for Using the Seller’s Property Disclosure Statement
The Real Estate Seller Disclosure Law outlines 10 exceptions to using the Seller’s Property Disclosure Statement. If the transaction does not fit one of the exceptions, the seller’s disclosure is required.
Sellers may argue that they never lived on the property and have limited knowledge about the property condition so they can’t fill out the form. The seller disclosure form is still required, even if it may be less complete. It may also be in the seller’s interest to disclose material defects that were fixed in case issues reemerge after settlement.
Latest Content
-
Seller Disclosures Unmasked: The Spooky Truth Behind What You Need to Share
- October 25, 2024
- 4 min. read
Seller’s Disclosure Law is all about making sure no one gets tricked by unexpected “treats” in their new home. However, there are several instances where a seller does not have to disclose certain information.
-
What Happens When a Licensee is a Party to a Contract?
- June 14, 2024
- 6 min. read
Many Realtors® buy, sell and lease property in transactions where they’re the actual party to the contract. There are a few extra disclosure rules that apply to those transactions that you need to be aware of, and you’ll find them in different places.
-
Sellers’ Duties With Inspection Reports
- March 8, 2024
- 4 min. read
There are several questions about sellers’ duties or responsibilities to review inspection reports when there is a new buyer. Let’s clear a few things up.
