Washington State Form 17 With Sale Agreement In Kings
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A seller's disclosure is a real estate document that provides details about a property's condition and how it might negatively impact the value of the home. It is often required by law, though what it needs to contain can vary by state and locality.
Washington State requires sellers of residential real property to thoroughly disclose material facts on a form called the Residential Real Property Disclosure Statement (often referred to as Form 17).
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Washington State requires sellers of residential real property to thoroughly disclose material facts on a form called the Residential Real Property Disclosure Statement (often referred to as Form 17).
Sellers may be required to disclose a list of all of the major repairs made in various areas of the property. Buyers will want to know of any past problems. They'll want to know if an issue's been fixed and how it was fixed, if it requires ongoing maintenance or if it has the potential to cause problems in the future.
Sellers must fill out either an unimproved or improved residential real estate disclosure form, which covers various topics about the property's condition. This comprehensive form asks about the state of the home's electrical, plumbing, heating and other systems.
Directors and officers of publicly traded companies: Directors and officers of publicly traded companies have a fiduciary duty to act in the best interests of the company and its shareholders. As part of this duty, they are required to disclose material facts to the public in a timely manner.
Sellers must complete a Transfer Disclosure Statement (TDS), in which they disclose known defects and other pertinent information about the property. Failure to disclose these material facts can lead to legal liability.
It is prepared by the seller's solicitors.
Who Must Make These Seller Disclosures in California. As a broad rule, all sellers of residential real estate property containing one to four units in California must complete and provide written disclosures to the prospective buyers.
