REAL ESTATE
by Jim Coleman, REALTOR®
THE SELLER'S PROPERTY CONDITION DISCLOSURE FORM
Past articles appearing in this column have addressed the critical matters of proper property disclosure. The following is text quoted from the "Seller's Property Condition Disclosure" form in an attempt to help principals to a real estate transaction know of the explanatory language contained in the form.
" NOTICE TO SELLER. Each Seller is obligated under law to disclose to the Buyer all facts known to the Seller that materially and adversely affect the value of the Property and that are not readily observable. This disclosure statement is designed to assist the Seller in complying with these disclosure requirements and to assist the Buyer in evaluating the Property. The Company and other real estate brokerages and agents will also rely upon the information contained in this disclosure statement.
"NOTICE TO BUYER. This is a disclosure of the Seller's knowledge of the condition of the Property as of the date signed by the Seller and is not a substitute for any inspections or warranties that the Buyer may wish to obtain. This is not a warranty of any kind by the Seller.
"COMPANY REPRESENTATIONS REGARDING PROPERTY. The Company and its agents are trained in the marketing of real estate. Neither the Company nor its agents are trained or licensed to provide the Buyer with professional advice regarding the physical condition of any property or regarding legal or tax matters. Accordingly, neither the Company nor any of its agents will make any representations or warranties regarding the physical or legal condition of the Property, including, but not limited to, the condition of any appliances, heating/cooling equipment and systems, plumbing and electrical fixtures and equipment, the roof or foundation, the exact square footage, or the location of property lines. THE COMPANY AND ITS AGENTS STRONGLY RECOMMEND THAT IN CONNECTION WITH ANY OFFER TO ACQUIRE THE PROPERTY, THE BUYER RETAIN THE PROFESSIONAL SERVICES OF LEGAL AND/OR TAX ADVISORS,
PROPERTY INSPECTORS, SURVEYORS, AND OTHER PROFESSIONALS TO SATISFY THE BUYER AS TO ANY AND ALL ASPECTS OF THE PHYSICAL AND LEGAL CONDITION OF THE PROPERTY."
The form then provides a section wherein various property features and components are identified and the Seller makes a check off response as to known condition. Then the Seller signs as to a statement of representation of known conditions. There is then also a place for the buyer to sign acknowledging receipt of the disclosure.
St. George REALTOR® Jim Coleman writes a weekly real estate issues column for THE DAILY SPECTRUM. He is Associate Broker at ERA Brokers Consolidated. Questions or column ideas can be directed to him via e-mail at jim@relorep.com. Call: (435) 674-0600, or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770.