U.S. Legal Forms™, Inc. provides Real Estate Disclosure forms for all States. Over 30 States require that a disclosure form be provided by the Seller to the Buyer as part of the real estate sales transaction. Other States use a disclosure form although not required. All forms are available in Word format. Free FAQ below. Select your State to see disclosure forms available.
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Real Estate Disclosure Forms FAQ
The disclosure of the condition of property subject to a sale is vitally important in the sale of real estate, for both the seller and buyer. A seller of real estate uses a real estate disclosure form to protect against liability from the buyer who later charges that a particular known condition was not disclosed, while the buyer should use a real estate disclosure form to make a fully informed judgment regarding the purchase. US Legal Forms has real estate disclosure forms for every State and application. Simply select your State and choose the real estate disclosure form appropriate for your situation.
What is a Real Estate Disclosure Form? A form required by law to be provided by the Seller to the Purchaser as part of the real estate transaction. Although the contents vary from State to State, disclosures are generally made concerning the age and condition of the property, as well as a listing of the home features. i.e. pool, microwave, smoke detector, etc.
Why do we have a disclosure form? The form was developed due to problems resulting from sales transactions where the parties failed to disclose items that should have been disclosed, misrepresented the home condition and to help reduce disputed between the parties and agents involved in the transaction. Although the form will not resolve all representation matters, it may assist make the transaction flow more smoothly.
When is the form provided to the Purchaser? Many times the disclosure form is completed and provided to prospective purchasers before an agreement to purchase is made. The form provides prospective purchasers with information to assist them make a decision to purchase. Generally, the form must be provided before the contract of sale of signed by the purchaser.
Is the disclosure a part of the contract? Generally, the disclosure is not considered as part of the contract between the Seller and Purchaser.
What happens if something represented in the disclosure form is found to be false? It depends on whether the item is considered material to the transaction and the time at which the error was discovered. If material,
What is the seller's duty with regard to disclosure? The seller is generally under a duty to disclose only "known" problems. This duty is often described as the duty to disclose all material facts pertaining to adverse physical conditions in the property of which the seller is aware that could adversely and significantly affect" the buyer's "use and enjoyment of the property". It should be noted however, that the seller is under no duty to disclose hidden defects that could be detected only by an expert.
What is an agent's duty with regard to a seller's disclosure statement? Agents still will be obligated to inform buyers of every problem they know about regarding the property, regardless of whether sellers note it on the disclosure form. An agent may not solely rely on the naked assertions of the owner.
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