What are Seller's Disclosures and why do I care?
Seller's Disclosure forms are questions written by the State of Oregon & the Federal Government that seller's answer for the review of the buyer or interested buyers concerning the condition and history of a specific property.
In the State of Oregon Seller's Disclosures are required in almost all real estate transactions. Court appointed receivers are one example of an entity that is exempt from disclosure law.
From my perspective Seller's Disclosure Statements are the heaviest legal document in real estate because they survive the transaction. Seller's must tell buyer's what they know to be defective. If seller's do not then the they can be held liable into the future. Seller's Disclosure Statements are the most central document to litigation when there are issues after a sale is closed.
Questions range from the mundane: "Has the roof ever leaked?" to the exciting "Has this property ever been used as an illegal drug manufacturing or distribution site?". My favorite question in the Oregon Seller's Disclosure form is the last: " Are there any other defects affecting this property or its value that a perspective buyer should know about? If so please attach additional information" ...In short; bare your soul if you are selling...you will feel better and stay out of the cross-hairs of the buyer's legal council.
Sellers are given 3 options for answers on most questions "yes" "No" & "Unknown". Because "Yes", "No" & "Unknown" my be inadequate to answer the full depth of the disclosure. We council seller's to add an addendum to the disclosures and write the full extent of what is known.
From the buyer's perspective it is a fair to ask seller's for additional written information during sale process if the disclosures are less than fully descriptive.
Buyer's have 5 days to review the Seller's Disclosures and revoke their offer if they are not satisfied. The 5 day review period starts upon receipt of the document.
Seller's Disclosures are the mechanism that relates known defects to buyers from sellers for the protection of both.
For a copy of the most current Seller's Disclosures Statement give us a call.
Dave
302-5999
dave@alternativerealtor.com
In the State of Oregon Seller's Disclosures are required in almost all real estate transactions. Court appointed receivers are one example of an entity that is exempt from disclosure law.
From my perspective Seller's Disclosure Statements are the heaviest legal document in real estate because they survive the transaction. Seller's must tell buyer's what they know to be defective. If seller's do not then the they can be held liable into the future. Seller's Disclosure Statements are the most central document to litigation when there are issues after a sale is closed.
Questions range from the mundane: "Has the roof ever leaked?" to the exciting "Has this property ever been used as an illegal drug manufacturing or distribution site?". My favorite question in the Oregon Seller's Disclosure form is the last: " Are there any other defects affecting this property or its value that a perspective buyer should know about? If so please attach additional information" ...In short; bare your soul if you are selling...you will feel better and stay out of the cross-hairs of the buyer's legal council.
Sellers are given 3 options for answers on most questions "yes" "No" & "Unknown". Because "Yes", "No" & "Unknown" my be inadequate to answer the full depth of the disclosure. We council seller's to add an addendum to the disclosures and write the full extent of what is known.
From the buyer's perspective it is a fair to ask seller's for additional written information during sale process if the disclosures are less than fully descriptive.
Buyer's have 5 days to review the Seller's Disclosures and revoke their offer if they are not satisfied. The 5 day review period starts upon receipt of the document.
Seller's Disclosures are the mechanism that relates known defects to buyers from sellers for the protection of both.
For a copy of the most current Seller's Disclosures Statement give us a call.
Dave
302-5999
dave@alternativerealtor.com
Labels: defects, due dillegence, liability, review period, Seller's Disclosures
posted by Eugene's Alternative at
2:30 PM
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