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August 2017 Archives

What is a Seller property disclosure?

A Seller Property Disclosure is a requirement in a standard residential sales contract. Only the seller may complete and sign this form. The agent or property management company is not authorized to sign on their behalf. It requires a seller of residential property to disclose all known & latent defects (they have actual knowledge of) in the property. Latent defects are material defects that a purchaser would not reasonably be expected to ascertain or observe by a careful, visual inspection of the property. The seller is also required to disclose any defects that could impose a threat to the health or safety of the purchaser or occupant of the property. This would include tenants or invitees of the purchaser. The disclosure should be delivered to the purchaser at the time the sales contract is signed. In the Washington, DC Metro area there are jurisdictional variations to the disclosure, as well as the remedies for the purchaser in the event the seller does not provide it in a timely manner.

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