Get New Mexico Seller's Property Disclosure

Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the home's value. These statements are required by law in most areas of the country so buyers can know a property's good and bad points before they close the deal.

Property disclosure statements essentially outline any flaws that the home sellers (and their real estate agents) are aware of that could negatively affect the home's value. These statements are required by law in most areas of the country so buyers can know a property's good and bad points before they close the deal.

What does seller disclosure mean? In real estate, disclosures refer to the seller's legal obligation to reveal known defects about the home or property they're selling. A property disclosure statement is the actual documentation of a seller's disclosure.

What Are You Required to Disclose When You Sell Your Home? When you set out to sell a house, most states require you to make certain disclosures. Disclosures refer to any material defects in the home, and in many states you will be held liable if you don't tell the buyer about them upfront.

Whenever you sell real estate, you are obligated to follow local mandatory disclosure laws. This involves informing the buyer about specific hazards or problems affecting the property before the sale is completed.

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 buyer. There are a few exceptions, such as for multi-unit buildings and properties that are transferred by court order or from one co-owner to another.

What does seller disclosure mean? In real estate, disclosures refer to the seller's legal obligation to reveal known defects about the home or property they're selling. A property disclosure statement is the actual documentation of a seller's disclosure.

The typical seller disclosure form is several pages long, and it asks the seller to report known defects in the home. This will include the appliances, as well as information about electrical, heating, sewer, water or other mechanical systems.

In general, you have an obligation to disclose potential problems and material defects that could affect the value of the property you're trying to sell. In addition, it is considered illegal in most states to deliberately conceal major defects on your property.

The only federally mandated disclosure requirement is lead paint.