We just met with a real estate agent to talk about selling our home. She gave us a 9 page document to complete called the Seller’s Property Disclosure. Answering the questions will take a lot of time and I don’t know how to answer some of them. How important is this form?
The Seller’s Property Disclosure is a thorough questionnaire of every imaginable aspect of your home and property. It is very important. By completing it, you as the seller, are able to provide information about your home that will help the buyer determine the condition before purchasing it.
For example, if your home is older, a buyer will want to know if the roof is the original. Your answer to the question, “When was the roof installed?” will help the buyer know if he will need to replace it in the next few years. There are questions about water leaks, plumbing lines, HVAC systems, septic tanks, home alterations and hazardous substances – lots of questions which need to be answered to the best of your knowledge. If you honestly don’t know the answer, you can mark the unknown box.
In the state of Pennsylvania, this document must be completed by sellers and available for buyers when they sign a contract on your home. Although time consuming to complete (yes, dig out old invoices to verify your answers), it is important to disclose any and all information on every aspect and to give an accurate and complete picture of the condition of your home. Completing it thoroughly and honestly goes a long way toward giving buyers peace of mind. And buyers that feel confident about the condition of your home will be more prone to purchase it.