Washington State Form 17 With Sale Agreement In Allegheny
Description
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FAQ
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.
A disclosure statement is a financial document given to a participant in a transaction explaining key information in plain language. Disclosure statements for retirement plans must clearly spell out who contributes to the plan, contribution limits, penalties, and tax status.
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.
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.
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).
A Seller's Disclosure statement can include information regarding problems the seller encountered with the surrounding neighborhood while living on the property. These can include local issues like: Property line disputes. Sources of loud noises or bad smells.
You can get the form from a buyer's or seller's agent or real estate attorney. While the disclosure form will vary in format, it may contain the following: List of specific issues the homeowner must check off if the home has them. Questions about the property the seller must answer with “Yes,” “No” or “Unknown”
While sellers have always been required to disclose material facts, the Form 17 has been required by law (RCW 64.06. 020) since January 1, 1995. It has undergone ten revisions since its inception, the last of which went into effect in 2021.
