Seller's Disclosure Description

A Seller's Disclosure is a multi-page document that the Seller completes to show all the details about their property. In New Mexico, a Seller is not required to complete this form. However, if the Seller HAS completed the form, the Buyer is required to receive and sign it. There are times when it is not appropriate for the Seller to complete the form. For example, the Owner passes away and the Brother of the Owner is selling the property. He has never seen the house and certainly doesn't know anything about the property.

Sellers are required to disclosure any material facts they know about the property.

The document will cover such things as title, zoning and legal information, structural, plumbing, water supply, sewer, roof, gutters, electrical, heating and cooling, homeowner associations, environmental, rental, and miscellaneous information.

When writing an offer, there is a section in the Purchase Agreement that talks about the Seller's Disclosure. The agent will put in dates for Receiving the disclosure, Objecting to information in the disclosure and a Resolution Date to resolve any issues in the document. Issues are most commonly clarifications of what was written. Sometimes, there is misinformation where the Seller needs to correct the information. I have also seen a document that needs to be updated. For example, when the document was originally written the roof was 20 years old. While the hosue was still on the market, a new roof was put on and the Disclosure was never updated.

The Buyer should read the Disclosure carefully. There is a lot of information and it can be overwhelming. I suggest using a ruler to help read line by line. The agent should also read the Disclosure. I aim to receive the Disclosure before we write an offer. Why write an offer when there are serious problems with a property that the Buyer does not want to deal with?

Today's Saying: " The cowboy must never shoot first, hit a smaller man or take unfair advantage".

Linda Ferrara - Associate Broker

Coldwell Banker Enchantment Realty

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