Disclosure Documents Signed

A purchase transaction involves gads of paperwork! The seller must complete many disclosures and give them to the buyers. Don’t panic, your Transaction Coordinator already

knows what forms are needed and the deadlines. In fact, your Transaction Coordinator will take care of getting the seller to sign the docs, sending the completed docs to the buyer, and collecting all final disclosures.

If you already have some disclosures in the file, send those to your Transaction Coordinator now. All other documents will be handled by your Transaction Coordinator. However, you should still know what disclosures are needed and be familiar with the forms. You will need to explain them to your seller. Your brokerage has a list of disclosures required and the timelines by which each must be completed. Each state has different disclosures needed. Here are a few that are common.

Seller Disclosure: the sellers must complete this form from their own knowledge of the house. All defects do not have to be fixed, but they must be disclosed.

Local Disclosures: state, county, city, and regional disclosures as required by law. Such as airport sites and military zones.

Natural Hazard Disclosure: identifies natural hazards for a specific geographic region, such as flood zones.

Earthquake Disclosure: in states that are prone to earthquakes, depending upon which year the house was built.

If your seller has received any type of inspection report, no matter who ordered it or when it was performed, you should forward a copy to the buyer’s agent. They should sign a form to document that the seller provided these inspection reports it to the buyers. If the seller has access to an inspection report, but withholds it from the buyer, the seller could be liable for failing to disclose material facts to the buyer.

Also, you as the seller’s agent must also disclose the condition of the house, to the best of your knowledge. If you followed my recommendation and wrote down your visual walk­through when you first listed the house for sale, you are ready to complete the Agent Inspection form.

If not, you will need to go perform a visual inspection to document the property condition. Remember that the buyers are relying on opinions of professionals, so take your time and do your best. Always be honest about the condition of the property.