The Residential Real Property Disclosure Act requires that home sellers complete a disclosure form providing as much information as possible about the current condition of the property’s structure, including the roof, foundation, walls and floors, flooding, furnace, electrical, plumbing, heating and cooling, well and drinking water, and levels of lead paint, radon, and asbestos.
Sellers are responsible for completing the disclosure form and honestly disclosing the issues of which they are aware; when in doubt, consult an attorney. Sellers must supplement the disclosure in written form if the seller gains knowledge of a material defect after the original disclosure form was delivered to the prospective buyer.
If a buyer is not presented with a seller disclosure form by the time the contract is binding, the buyer may have certain rights to rescind the contract if material defects are found. If the form is presented to the buyer after the purchase contract is signed and prior to closing and it reveals material defects, the buyer has three business days to terminate the contract.
It is important to understand that the Seller Disclosure Form is not a substitute for inspections or warranties, which are recommended.
Speak to a REALTOR® for additional information. Go to www.gatewayrealtors.com to find a directory of REALTORS® in your area.