Property Disclosures are documents that inform buyers about what the seller knows and doesn’t know about the property as well as what has been done to the property.
Today, Deborah discusses Title X, Square Footage Disclosure, and Property Disclosures. What are these different disclosures?
Title X section 10.18: Lead Based Paint Disclosure. This particular one is used for homes that were built before Jan. 1, 1978. Lead is dangerous! And in children, lead poisoning doesn’t always show symptoms. The failure to disclose if there was lead paint used in the home is a $16,000 fine for each violation and both the seller and the agents can be assessed this fine.
Square Footage Disclosure. This disclosure can be obtained form the assessor, but will also be provided with the appraisal. Sometimes, the number can differ slightly, if this is the case, the offer can be changed.
Property Disclosure. This important document addresses everything from the room to the foundation and everything in between. Information such as where do you get your water, which district, what type of sewage, has the seller had animals live in the home, and seven more pages of information. Any details listed on these pages also have a comment section, if explanation is necessary. Handing this document to the inspector can be helpful, but it’s most important for the buyer to read through. Which means the seller needs to be honest! If the seller is not honest, it can cause some very REAL problems later.
When it comes to the disclosures of a home, it is very important to read them and be aware. Today, Deborah lends her insight and years of experience to this aspect of home buying and selling. If you have more question, or if your interested in having Deborah Elliot-Shultz represent you for your real estate needs, call (719) 641-1357.