Get G:sharesgtmsbamsba Res Re Commreal Property Formsrpf 21 Well Disclosurerpf#21_05c Final.wpd - Mnbar

A listing agent must disclose to prospective purchas- ers all “material adverse facts pertaining to the physical condition of the property which are actually known” by the listing agent. Something is “material” if it could affect the decision of a reasonable person as to whether to purchase.

What is well disclosure? Well disclosure is the process by which the seller of property provides information to the buyer and the state about the location and status of all wells on the property. This process is required by state law, a portion of the Ground Water Protection Act (Minnesota Statutes, section 103I. 235).

55-519. Required disclosures. 2. A residential property disclosure statement disclosing those itemscontained in a form provided by the Real Estate Board to implement theprovisions of this chapter and to list items which are required to bedisclosed relative to the physical condition of the property.

What is a Disclosure Form? A disclosure form is a formal document that contains all the terms, conditions, assets, risks, and liabilities associated with a specific contract or agreement.

The (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.

The Virginia Residential Property Disclosure Act (§ 55.1-700 et seq. of the Code of Virginia) governs the information owners must disclose to prospective purchasers of residential real property. Certain residential property transfers are excluded from the requirements (see § 55.1-702).

The owner of the residential real property shall furnish to a purchaser a residential property disclosure statement for the buyer to beware of certain matters that may affect the buyer's decision to purchase such real property. Such statement shall be provided by the Real Estate Board on its website.