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Property
Condition Disclosure At
the beginning of the 1990s, the term “seller disclosure” was virtually
unknown. As we left the decade, it became a buzzword. What
Is Seller Disclosure? Essentially,
seller disclosure requires the home seller to disclose any known material
latent defects in his or her property. That bit of jargon means the seller
must disclose if his or her property has any hidden or unseen defects, or
problems, that could adversely affect the value of the property. Property
Condition Disclosure Form As a buyer, you want to find out everything you can in advance about the condition of the home. If you run into a seller disclosure form (and it is likely that you will), the form will ask detailed – or not so detailed – questions about the condition of the home. If the seller answers the questions honestly (and there usually is an option for “don’t know,” which is completely useless to a homebuyer), the form may list such problems as water in the basement. The seller, of course, will say the price of the house takes into account these problems. You will then have to decide if the house is worth the asking price if it also needs a new roof and a new furnace or air-conditioning system. |
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Send
mail to randy@randydurham.com
with questions, comments or requests for info. Copyright © 1999-2008 Randy Durham ,LLC
Licensed in TN & GA (423) 664-1900
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