Alabama Seller's Disclosure Statement for Vacant Land

State:
Multi-State
Control #:
US-03302BG
Format:
Word; 
Rich Text
Instant download

Description

In some states, a seller is required to disclose known facts that materially affect the value of the property that are not known and readily observable to the buyer. The Seller is required to disclose to a buyer all known facts that materially affect the value of the property which are not readily observable and are not known to the buyer. That disclosure requirement exists whether or not the seller occupied the property. A
Vacant Land Disclosure Statement specifically designed for the disclosure of facts related to vacant land is used in such states.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Seller's Disclosure Statement for Vacant Land
  • Preview Seller's Disclosure Statement for Vacant Land
  • Preview Seller's Disclosure Statement for Vacant Land
  • Preview Seller's Disclosure Statement for Vacant Land
  • Preview Seller's Disclosure Statement for Vacant Land
  • Preview Seller's Disclosure Statement for Vacant Land

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FAQ

Alabama law states a death on the property is not a material fact that must be disclosed. In addition, Alabama is a buyer-beware stateit's the buyer's duty to discover anything about the property that doesn't directly affect health and safety.

Unlike in many other U.S. states, Alabama law employs a rule known as caveat emptor for the sale of used residential property. Caveat emptor is Latin for "let the buyer beware," which means that the seller has no actual duty to advise the buyer of issues with the property's physical condition during the sale.

The document provided by the seller that described the condition of the property is known as the Transfer Disclosure Statement. As a buyer, you should receive this document during the contract contingency period. The TDS is arguably one of the most important documents of the entire mortgage process.

There is a legal doctrine called caveat emptorwhich is latin for let the buyer beware. Under this theory, it is the buyer's obligation to reasonably inspect a good she is purchasing.

Unlike in many other U.S. states, Alabama law employs a rule known as caveat emptor for the sale of used residential property. Caveat emptor is Latin for "let the buyer beware," which means that the seller has no actual duty to advise the buyer of issues with the property's physical condition during the sale.

Alabama law provides that a seller or seller's agent has a duty to disclose information about used real estate in three scenarios 1) Defects affecting health and safety, 2) where a fiduciary relationship exists, and 3) upon specific inquiry by the buyer.

Alabama Buyers Shouldn't Rely on Seller DisclosureAlabama is one of the three caveat emptor states. Alabama law requires all buyers of used real estate to inspect or have inspected all aspects of real property prior to closing on the sale.

Alabama Buyers Shouldn't Rely on Seller DisclosureAlabama is one of the three caveat emptor states. Alabama law requires all buyers of used real estate to inspect or have inspected all aspects of real property prior to closing on the sale.

Alabama law provides that a seller or seller's agent has a duty to disclose information about used real estate in three scenarios 1) Defects affecting health and safety, 2) where a fiduciary relationship exists, and 3) upon specific inquiry by the buyer.

The Alabama Supreme Court has held caveat emptor (buyer beware) to be the law in Alabama when selling existing homes. Everyone should be on notice that there is no warranty which comes with the sale of a used home. Buyers have a chance to inspect the property and should assume the responsibility of a purchase.

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Alabama Seller's Disclosure Statement for Vacant Land